By Alan Bush | Senior Financial Economist at ADMIS
Stock index futures fell in the overnight trade as global trade worries persist.
However, futures quickly rebounded when it was reported that the Trump administration decided to rely on existing laws to restrict Chinese investment in the U.S., and dropped consideration of implementing alternative approaches that would allow the White House to impose stricter limits.
Major Chinese stock indexes continued to decline from their January highs. The Shanghai Composite Index dropped 1.1% after entering bear market territory yesterday.
Orders for durable goods in May, which are products designed to last at least three years, declined .6%, which is the second straight monthly decline. Economists had expected a 1% decrease for the month.
The 9:00 central time May pending home sales index is expected to be up .6%.
Although the global trade situation appears to be getting worse, we are seeing less and less flow of funds into the flight to quality markets such as Treasuries and the Japanese yen.
The euro currency fell as concerns about an escalating global trade conflict boosted the U.S. dollar, while the Chinese yuan fell to a six month low.
The euro is lower in spite of news of stronger than expected euro zone money supply and bank loan growth in the March through May period.
The British pound is lower after a report showed London house prices declined, as U.K. property values continue to soften.
Futures advanced on news that U.S. durable goods orders fell in May for a second consecutive month.
Federal Reserve speakers today are Federal Reserve Vice Chairman Randal Quarles at 10:00 and Boston Federal Reserve Bank President Eric Rosengren at 11:15.
The Treasury will auction five year notes today.
The probability of a fed funds rate hike at the Fed’s September 26 meeting is 74%, which is unchanged from yesterday.
September 18 S&P 500
Support 2703.00 Resistance 2739.00
September 18 U.S. Dollar Index
Support 94.110 Resistance 94.820
September 18 Euro Currency
Support 1.16530 Resistance 1.17550
September 18 Japanese Yen
Support .91030 Resistance .91770
September 18 Canadian Dollar
Support .75050 Resistance .75470
September 18 Australian Dollar
Support .7355 Resistance .7417
September 18 Thirty Year Treasury Bonds
Support 144^0 Resistance 145^4
August 18 Gold
Support 1253.0 Resistance 1266.0
September 18 Copper
Support 2.9800 Resistance 3.0300
August 18 Crude Oil
Support 70.45 Resistance 72.03
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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