Dow Jones futures advanced to a new record high today, as stock index futures globally continue to be supported by optimism about global economic growth.
Third quarter earnings season starts at the end of the week. Analysts are anticipating another quarter of growth with the earnings growth estimate at 5.5%, while revenue growth is expected to be 4.3%.
The National Federation of Independent Business small business optimism index fell 2.3 points in September to 103, which compares to the consensus forecast of 105.4.
The main trend for stock index futures is higher.
The U.S. dollar is lower and the euro currency is higher on news that German exports surged 3.1% in August compared to July due to strong demand from the euro zone.
In addition, the euro was supported when a member of the European Central Bank executive board, called for the ECB to roll back its asset purchases in 2018.
The British pound is higher in spite of news that the U.K. trade deficit in goods widened in August to hit the highest level on record.
The Japanese yen is higher after the Bank of Japan raised its outlook on four of the nation's nine regional economies.
The Canadian dollar and the Australian dollar are higher due to higher crude oil prices.
The Canadian dollar is stronger in spite of news that building permits in Canada fell 5.5% in August from July.
There was additional support for the Australian dollar after a report showed an Australian business conditions index remained strong in September.
Federal Reserve speakers today are Minneapolis Federal Reserve Bank President Neel Kashkari at 9:00 central time and Dallas Federal Reserve Bank President Rob Kaplan at 7:00 this evening.
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 88%, which compares to 93% yesterday.
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 93.010 Resistance 93.680
December 17 Euro Currency
Support 1.17760 Resistance 1.18660
December 17 Japanese Yen
Support .88850 Resistance .89400
December 17 Canadian Dollar
Support .79570 Resistance .80150
December 17 Australian Dollar
Support .7737 Resistance .7803
December 17 Thirty Year Treasury Bonds
Support 151^20 Resistance 152^16
December 17 Gold
Support 1281.0 Resistance 1297.0
December 17 Copper
Support 3.0200 Resistance 3.0650
November 17 Crude Oil
Support 49.41 Resistance 50.88
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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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