By Alan Bush | Senior Financial Economist at ADMIS
Stock index futures fell due to rising concerns over confrontation between the U.S. and Russia over military action in Syria.
The March consumer price index fell .1% from a month earlier, which was the first decline since May 2017. Analysts were expecting unchanged.
Consumer prices, excluding energy and food, increased .2% when economists predicted a .2% rise in core prices.
The April Atlanta Federal Reserve business inflation expectations report will be released at 9:00 central time. The March report showed 2.1%.
First quarter earnings season begins on Friday. Investors are expecting tax cuts to help U.S. corporations show their biggest quarterly earnings growth in seven years.
Some analysts are predicting quarterly earnings for S&P 500 companies to increase 17% to 18.5% from a year ago.
The global trade situation remains the dominant influence, but now we have the heightened tensions in Syria.
Longer term, traders will probably gradually shift their focus of attention more toward earnings and the still accommodative global interest rate environment.
The euro currency is higher on news that euro zone house prices recorded their biggest annualized gain last year since 2006. House prices in the last quarter of 2017 were 4.2% above the comparable quarter a year ago.
The British pound is a little lower on news that manufacturing output in the U.K. unexpectedly fell .2% in February. Economists had forecast a .2% rise.
Flight to quality buying is coming into the Japanese yen in light of the heightened tensions in Syria.
Flight to quality buying is coming into futures due to ramped up Mideast tensions.
The Federal Open Market Committee will release the minutes from its March 20-21 policy meeting at 1:00.
Officials voted then to increase their benchmark fed funds rate by 25 basis points to a range between 1.5% and 1.75%.
The Treasury will auction ten year notes today.
The probability of a fed funds rate hike from the Federal Open Market Committee at the June 13 meeting is 85%, which is unchanged from yesterday.
June 18 S&P 500
Support 2623.00 Resistance 2659.00
June 18 U.S. Dollar Index
Support 89.000 Resistance 89.420
June 18 Euro Currency
Support 1.24040 Resistance 1.24670
June 18 Japanese Yen
Support .93570 Resistance .94210
June 18 Canadian Dollar
Support .79210 Resistance .79600
June 18 Australian Dollar
Support .7733 Resistance .7783
June 18 Thirty Year Treasury Bonds
Support 145^12 Resistance 147^0
June 18 Gold
Support 1339.0 Resistance 1362.0
May 18 Copper
Support 3.1000 Resistance 3.1550
May 18 Crude Oil
Support 65.03 Resistance 66.73
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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