S&P 500, Dow Jones and NASDAQ futures advanced to new record highs today, as optimism over the outlook for the U.S. economy continues to bolster investors' confidence.
In the week ended September 30, initial jobless claims fell 12,000 to 260,000, which compares to expectations of 265,000.
The 9:00 August factory orders report is expected to show an increase of 1%.
The computer models that I use, which have been back tested to the early 1920s, continue to generate bullish signals for stock index futures.
The main trend for stock index futures is higher.
The U.S. dollar is higher, but a major resistance area is holding. There was little market reaction to news that the U.S. trade deficit narrowed to an 11 month low in August.
The Canadian dollar is lower after a report showed Canada's trade deficit widened in August from the previous month to the fifth largest on record, as exports fell for a third straight month and are now down on a year to year basis.
The deteriorating trade situation in Canada strengthens expectations that the Bank of Canada will hold off an additional interest rate hikes for the balance of the year after the BoC increased rates in July and September.
The Canadian dollar and the Australian dollar are lower in spite of higher crude oil prices.
Kansas City Federal Reserve Bank President Esther George will speak at the Investing in America's Workforce Capstone Conference in Austin at 3:30.
The Federal Reserve appears to be on track to raise its fed funds rate for a third time this year, and the fifth since late 2015, to a range of 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 83%, which is unchanged from yesterday.
The long term fundamentals for futures are mixed.
December 17 S&P 500
Support 2531.00 Resistance 2542.00
December 17 U.S. Dollar Index
Support 93.170 Resistance 93.630
December 17 Euro Currency
Support 1.17610 Resistance 1.18370
December 17 Japanese Yen
Support .88760 Resistance .89390
December 17 Canadian Dollar
Support .79660 Resistance .80380
December 17 Australian Dollar
Support .7789 Resistance .7873
December 17 Thirty Year Treasury Bonds
Support 152^12 Resistance 153^4
December 17 Gold
Support 1272.0 Resistance 1286.0
December 17 Copper
Support 2.9500 Resistance 3.0350
November 17 Crude Oil
Support 49.79 Resistance 50.55
For more information about these markets, please contact Alan at 312.242.7911 or via email at firstname.lastname@example.org. 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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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.