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S&P 500 Futures Nearing Record High

by Archer Financial Services | Sep 29, 2017
By Alan Bush | Senior Financial Economist at ADMIS     

 

STOCK INDEX FUTURES 

While S&P 500 and Dow Jones futures are near new historical highs, Russell 2000 futures registered a new record high yesterday.   

Personal consumption expenditures in August increased a seasonally adjusted .1% from a month earlier, as expected, and personal income was up .2% in August, which was also as anticipated.

The 8:45 central time September Chicago PMI is estimated to be 58.5 and the 9:00 September consumer sentiment index is expected to be 95.3.

The main trend for stock index futures is higher.

 

CURRENCY FUTURES

The U.S. dollar is lower today, giving back some of the gains that were made earlier in the week, as the probability of a rate hike from the Fed lessened a bit.

The main trend for the U.S. dollar is lower.

The euro currency is higher in spite of a report that showed the annual rate of inflation in the euro zone was unchanged in September and well under the European Central Bank's target, as policy makers consider a reduction in stimulus.      

The European Union's statistics agency reported that consumer prices across the euro zone were 1.5% higher in September than a year earlier. Economists expected a gain of 1.6%.     

The main trend for the euro is higher.   

The Japanese yen is higher after a report showed Japan’s core inflation rate increased in August and industrial production increased more than expected.

The Canadian dollar is lower after a report showed producer prices in Canada increased less than anticipated, coming in up .3% in August, which compares to market expectations of a .5% increase.       

 

INTEREST RATE MARKET FUTURES

Philadelphia Federal Reserve Bank President Patrick Harker will speak at 10:00.

According to financial futures markets, the probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 78%, which compares to 83% yesterday.

The long term fundamentals for futures are mixed.

 

SUPPORT AND RESISTANCE

 

December 17   S&P 500

Support    2501.00       Resistance    2511.00

 

December 17   U.S. Dollar Index

Support    92.720         Resistance    93.210

 

December 17    Euro Currency

Support    1.81100       Resistance    1.18910

 

December 17    Japanese Yen

Support    .89000         Resistance    .89500

 

December 17    Canadian Dollar

Support    .80050         Resistance    .80630

 

December 17   Australian Dollar

Support    .7805           Resistance    .7860

 

December 17   Thirty Year Treasury Bonds

Support    152^8          Resistance    153^4

 

December 17   Gold

Support    1282.0         Resistance    1297.0

 

December 17   Copper

Support    2.9600         Resistance    3.0000

 

November 17   Crude Oil

Support    51.19           Resistance    52.07

For more information about these markets, please contact Alan at 312.242.7911 or via email at alan.bush@admis.com. Thank you.

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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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