By Alan Bush | Senior Financial Economist at ADMIS
NASDAQ and Russell 2000 futures advanced to new historical highs.
The U.S. has reached an agreement with Chinese tech firm ZTE that will remove the ban on the company buying parts from U.S. suppliers, according to Commerce Secretary Wilbur Ross. However, Mr. Ross emphasized that the deal was separate from the ongoing trade negotiations between the U.S. and China.
The number of Americans claiming new unemployment benefits fell to a four week low last week, indicating a strong U.S. labor market.
Initial jobless claims fell 1,000 to 222,000 in the week ended June 2. Economists expected 220,000 new claims last week.
The 2:00 central time April consumer credit report is anticipated to show an increase of $14 billion.
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 euro currency climbed to a three week high against the U.S. dollar due to hawkish comments from European Central Bank officials recently that suggest the ECB's June 14 policy meeting will debate the end of its quantitative easing program.
The euro is higher in spite of news that gross domestic product in the euro zone grew at an annualized rate of 1.5% in the first quarter, which is slightly down from its previous estimate of 1.6% growth.
The British pound is lower after news that U.K. house price growth in May continued to slow, providing additional evidence of a weakening property market.
The probability of a fed funds rate hike from the Federal Open Market Committee at the June 13 meeting is 94%, which is unchanged from 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.
I will be out of the office tomorrow, Friday, June 8.
June 18 S&P 500
Support 2766.00 Resistance 2784.00
June 18 U.S. Dollar Index
Support 93.110 Resistance 93.660
June 18 Euro Currency
Support 1.17760 Resistance 1.18580
June 18 Japanese Yen
Support .90710 Resistance .91180
June 18 Canadian Dollar
Support .77050 Resistance .77450
June 18 Australian Dollar
Support .7635 Resistance .7685
September 18 Thirty Year Treasury Bonds
Support 142^0 Resistance 142^24
August 18 Gold
Support 1295.0 Resistance 1312.0
July 18 Copper
Support 3.2500 Resistance 3.3250
July 18 Crude Oil
Support 64.71 Resistance 65.85
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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