S&P 500, Dow Jones and Russell 2000 futures advanced to new historical highs.
There are no major economic reports scheduled for today.
Bullish signals continue to be generated from the computer models that I use that have been back- tested to the 1920s.
The main trend for stock index futures is higher.
The U.S. dollar is higher due to recently increased expectations of a fed funds rate hike in December. In addition, the greenback is being supported by prospects of significant tax cuts in the U.S.
The U.S. dollar is in a major resistance area.
The euro currency is a little lower and continues to be held back by the pro-independence protest in Catalonia.
The British pound is lower despite some talk that the Bank of England could increase its key lending rate as soon as in November, although many analysts believe the first quarter of 2018 is more likely.
The Bank of England lowered its benchmark interest rate to a new low of 25 basis points in August 2016 as part of a package of stimulus measures aimed at supporting the U.K. economy from any fallout after voters decided to withdraw from the European Union in a referendum two months earlier.
The Canadian dollar and the Australian dollar are lower due to weaker crude oil prices.
The Australian dollar fell to its lowest level in over two months after the Reserve Bank of Australia left interest rates unchanged and gave a cautious assessment of the Australian economy. The RBA left its cash rate target unchanged at a record low 1.5% where it has been since August 2016.
The Australian dollar is lower in spite of a report that showed the number of Australian home building permits increased by .4% in August from July.
The Federal Reserve is still on track to raise its fed funds rate for a third time this year, and the fifth since late 2015, to a range between 1.25% and 1.50%.
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 is unchanged from yesterday.
The long term fundamentals for futures are mixed.
December 17 S&P 500
Support 2521.00 Resistance 2532.00
December 17 U.S. Dollar Index
Support 93.230 Resistance 93.830
December 17 Euro Currency
Support 1.17320 Resistance 1.18210
December 17 Japanese Yen
Support .88650 Resistance .89160
December 17 Canadian Dollar
Support .79730 Resistance .80180
December 17 Australian Dollar
Support .7771 Resistance .7837
December 17 Thirty Year Treasury Bonds
Support 152^0 Resistance 152^28
December 17 Gold
Support 1270.0 Resistance 1279.0
December 17 Copper
Support 2.9250 Resistance 2.9800
November 17 Crude Oil
Support 50.03 Resistance 50.96
For more information about these markets, please contact Alan at 312.242.7911 or via email at email@example.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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This is not a solicitation of any order to buy or sell, but merely a collection of information related to Archer Financial services and commodities trading provided by Archer Financial services. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor do they purport to be complete. No responsibility is assumed with respect to any such element, nor with respect to any expression of opinion herein contained.
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.