Futures are higher on limited news.
The 9:00 central time May pending home sales report is expected to show a 1% increase.
The main trend for stock index futures is higher.
The U.S. dollar fell to an eight month low in the overnight trade before a recovery.
The euro currency advanced to a one year high in the overnight session in a follow through move after European Central Bank President Mario Draghi yesterday indicated the ECB is moving closer to reducing its monetary stimulus.
Many analysts believe that in September or October the central bank of the euro zone will announce that it will start tapering its quantitative easing program.
Also, there was some support for the euro after a report showed lending to households in the euro zone grew at a faster rate in May. Lending to households increased 2.6% from a year ago after 2.4% annualized growth in the previous month.
Some profit taking came into the euro more recently and it is now lower on the day.
Longer term, the euro currency is likely to continue to advance while the U.S. dollar is probably going to work lower, as interest rate differential expectations turn more favorable to the currency of the euro zone and more unfavorable towards the U.S. dollar.
The Canadian dollar and the Australian dollar are higher in spite of weaker crude oil prices.
Some of the strength in the Canadian dollar took place after Bank of Canada Governor Stephen Poloz made comments that suggest the central bank of Canada could increase interest rates next month.
Futures at the long end of the curve continue to decline after yesterday’s hawkish interest rate comments from Mario Draghi of the ECB.
The Treasury will sell seven year notes today.
The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 54%, which is unchanged from yesterday.
September 17 S&P 500
Support 2411.00 Resistance 2435.00
September 17 U.S. Dollar Index
Support 95.730 Resistance 96.440
September 17 Euro Currency
Support 1.13330 Resistance 1.14490
September 17 Japanese Yen
Support .89120 Resistance .89810
September 17 Canadian Dollar
Support .75760 Resistance .76680
September 17 Australian Dollar
Support .7563 Resistance .7631
September 17 Thirty Year Treasury Bonds
Support 154^0 Resistance 155^28
August 17 Gold
Support 1244.0 Resistance 1259.0
September 17 Copper
Support 2.6450 Resistance 2.6850
August 17 Crude Oil
Support 43.47 Resistance 44.55
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.
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The risk of loss in trading futures and options on futures can be substantial. Each investor must carefully consider whether this type of investment is appropriate for them. Past performance is not necessarily indicative of future results.