Dow Jones futures advanced to a new record high on Friday after the stronger than expected U.S. employment report was released and also to a new historical high today on follow through buying.
The 2:00 central time June consumer credit report is expected to show an increase of $15.25 billion.
The main trend for stock index futures is higher.
The U.S. dollar is lower today, giving back some of the gains that were registered on Friday’s better than anticipated U.S. employment report.
The main trend for the greenback is lower, as interest rate differential expectations remain bearish.
The euro currency advanced in the overnight trade in spite of news that German industrial output surprisingly declined.
In adjusted terms, industrial output in Germany declined by 1.1% in June, which is the index's first monthly decline since last December. Economists expected a slight gain of .1%.
There is underlying support for the euro, as 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.
The main trend for the euro is higher.
The British pound is lower after it was reported that U.K. consumers reduced spending for the third month in July.
Lower crude oil prices pressured the Canadian dollar and the Australian dollar. However, the selling of the currency of Australia was limited by news that job advertisements in Australia posted the fifth monthly gain in a row, increasing 1.5% in July compared to June.
At 10:45 St. Louis Federal Reserve Bank President James Bullard will discuss the U.S. economy and monetary policy and at 12:25 Minneapolis Federal Reserve Bank President Neel Kashkari will take part in a moderated audience question and answer session.
The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 50%, which compares to 51% on Friday.
The long term fundamentals for futures are mixed.
September 17 S&P 500
Support 2469.00 Resistance 2481.00
September 17 U.S. Dollar Index
Support 93.030 Resistance 93.450
September 17 Euro Currency
Support 1.1791 Resistance 1.1855
September 17 Japanese Yen
Support .90330 Resistance .90660
September 17 Canadian Dollar
Support .78710 Resistance .79440
September 17 Australian Dollar
Support .7895 Resistance .7967
September 17 Thirty Year Treasury Bonds
Support 153^20 Resistance 154^16
December 17 Gold
Support 1258.0 Resistance 1268.0
September 17 Copper
Support 2.8700 Resistance 2.9200
September 17 Crude Oil
Support 48.55 Resistance 49.81
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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.