By Alan Bush | Senior Financial Economist at ADMIS
Russell 2000 futures advanced to a new historical high in the overnight trade and the NASDAQ is closing in on new record highs.
The 8:45 central time May PMI services index is expected to be 55.7.
There are two 9:00 reports. The May ISM non-manufacturing index is anticipated to be 58 and the April Job Openings and Labor Turnover Survey (JOLTS) is estimated to be 6.543 million.
The Labor Department's JOLTS report tracks the monthly change in job openings and offers rates on hiring and quits.
Traders appear to be gradually shift their focus of attention more toward the still bullish overall accommodative global interest rate policies and away from the geopolitical worries.
The U.S. dollar is higher and the euro currency is lower on news that services in the euro area slowed more than expected in May.
A purchasing managers’ index of services in the euro zone declined to 53.8, which is slightly under the initial estimate and down from 54.7 in April.
The British pound is higher on news that services sector activity improved in May, hitting a three month high.
The Canadian dollar and the Australian dollar are lower due to weaker crude oil prices.
The Reserve Bank of Australia left its key interest rate unchanged at a record low 1.5%, after a key unemployment measure edged higher. No change in policy was expected.
The Mexican peso fell for a fourth day to its weakest level in over a year due to concerns that a trade agreement with the U.S. may not be approved by Congress before 2019.
The lack of progress in a variety of global trade issues caused some flight to quality buying to come into futures.
The probability of a fed funds rate hike from the Federal Open Market Committee at the June 13 meeting is 91%, which compares to 96% yesterday.
Although geopolitical events will inevitably develop from time to time, which will produce short periods of flight to quality buying, the main trend for futures is lower.
June 18 S&P 500
Support 2739.00 Resistance 2755.00
June 18 U.S. Dollar Index
Support 93.790 Resistance 94.210
June 18 Euro Currency
Support 1.16670 Resistance 1.17330
June 18 Japanese Yen
Support .90910 Resistance .91410
June 18 Canadian Dollar
Support .76840 Resistance .77550
June 18 Australian Dollar
Support .7601 Resistance .7666
September 18 Thirty Year Treasury Bonds
Support 143^2 Resistance 144^2
August 18 Gold
Support 1291.0 Resistance 1303.0
July 18 Copper
Support 3.1200 Resistance 3.1800
July 18 Crude Oil
Support 64.12 Resistance 65.35
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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.