Dow Jones and NASDAQ futures advanced to new record highs today, as stock index futures continue to be supported by optimism about global economic growth.
In addition, global equity markets advanced as investors brushed off geopolitical tensions over the weekend. Gains in stock index futures came in spite of reports that North Korean leader Kim Jong Un had defended his nuclear weapons program in a weekend speech.
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 early 1920s.
The main trend for stock index futures is higher.
The U.S. dollar is a little lower and the euro currency is higher on news that industrial output in Germany grew more than expected. Industrial output increased by 2.6% in August from July, when economists predicted growth of .9%.
Industrial output has been on a strong upward trend since the beginning of 2017.
Markets in Japan are closed for a holiday.
The Canadian dollar and the Australian dollar are lower in spite of firming crude oil prices.
Over the weekend Rosengren of the Federal Reserve said U.S. wages are rising gradually, but are below expectations. In addition, Rosengren said he expects the jobless rate to continue to move lower.
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 93%, which is unchanged from Friday.
The long term fundamentals for futures are mixed.
December 17 S&P 500
Support 2541.00 Resistance 2553.00
December 17 U.S. Dollar Index
Support 93.330 Resistance 93.770
December 17 Euro Currency
Support 1.17540 Resistance 1.18110
December 17 Japanese Yen
Support .88850 Resistance .89400
December 17 Canadian Dollar
Support .79570 Resistance .80030
December 17 Australian Dollar
Support .7731 Resistance .7783
December 17 Thirty Year Treasury Bonds
Support 151^20 Resistance 152^12
December 17 Gold
Support 1274.0 Resistance 1291.0
December 17 Copper
Support 3.0100 Resistance 3.0400
November 17 Crude Oil
Support 49.07 Resistance 50.03
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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