Dow futures hit record highs today.
Much of the strength in stock index futures can be attributed to upbeat earnings reports and signs of a brighter global economy.
Personal income in June was unchanged, which compares to expectations of a .4% increase and personal spending was up .1%, as anticipated.
The 8:45 central time July U.S. manufacturing PMI is estimated to be 53.2 and the 9:00 July Institute for Supply Management manufacturing index is expected to be 56.5. The prices paid portion of the report is anticipated to be 55.8.
Also at 9:00 is the June construction spending report, which is estimated to show an increase of .4%.
The main trend for stock index futures is higher.
Short covering helped the U.S. dollar to firm today after registering a new 13 month low yesterday.
The main trend for the greenback is lower, as interest rate differentials remain bearish.
The euro currency advanced to a 30 month high yesterday.
The euro currency is a little lower today after the European Union's statistics agency said the euro zone gross domestic product in the second quarter was .6% higher, which was as expected.
This is a marked improvement from the .5% quarterly growth rate that was reported in the three months to March and was the fastest annual growth rate since the first quarter of 2011.
Speculation remains that the European Central Bank could announce plans to wind down its quantitative easing program this year, possibly at its September 7 policy meeting, which is an underlying bullish factor for the currency of the euro zone.
The main trend for the euro is higher.
The British pound is higher due to news that U.K. manufacturing activity accelerated in July.
A purchasing managers' index for British manufacturing increased to 55.1 in July from June's downwardly revised 54.2. This result exceeded expectations of a reading of 54.9.
The Canadian dollar and the Australian dollar are lower due to lower crude oil prices.
There was some additional pressure on the currency of Australia when Australia's central bank left its key interest rate unchanged, but warned of the risks to economic growth due to recent strength in the Australian dollar.
Futures are lower, especially at the long end of the curve in spite of the bullish weaker than expected personal income report.
The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 45.5%.
The long term fundamentals for futures are mixed.
September 17 S&P 500
Support 2464.00 Resistance 2481.00
September 17 U.S. Dollar Index
Support 92.550 Resistance 93.010
September 17 Euro Currency
Support 1.1821 Resistance 1.1887
September 17 Japanese Yen
Support .90530 Resistance .91180
September 17 Canadian Dollar
Support .79420 Resistance .80450
September 17 Australian Dollar
Support .7943 Resistance .8046
September 17 Thirty Year Treasury Bonds
Support 152^0 Resistance 153^8
August 17 Gold
Support 1260.0 Resistance 1273.0
September 17 Copper
Support 2.8670 Resistance 2.9100
September 17 Crude Oil
Support 48.51 Resistance 50.59
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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.