By Alan Bush | Senior Financial Economist at ADMIS
All of the financial markets are performing as if there is a thaw coming in tensions between the U.S. and China. Global stock index futures are mostly higher. Flight to quality markets, such as Treasuries are being liquidated and the U.S. dollar is weaker.
The 9:00 central time June Job Openings and Labor Turnover Survey (JOLTS) is expected to be 6.65 million.
The 2:00 June consumer credit report is anticipated to show a $16 billion increase.
Of the 413 companies in the S&P 500 that have reported results so far, 79.2% of them have surpassed estimates. If this continues, it will be the highest number on record going back to the first quarter of 1994, according to Thomson Reuters.
U.S. stock index futures are performing well in spite of the ongoing global trade uncertainties, as the still relatively low global interest rate environment and the mostly stronger than estimated U.S. corporate earnings reports remain supportive.
The U.S. dollar is lower on limited news.
The euro currency is higher after it was reported that German exports in June of this year increased 7.8% compared to June of 2017.
The Canadian dollar and the Australian dollar are higher due to higher crude oil prices.
The Reserve Bank of Australia held its regularly scheduled policy meeting today. The RBA kept its key interest rate at a record low 1.5%, as expected. Economists believe Australia’s central bank may not be able to hike interest rates until late in 2019 or early 2020.
Futures are mostly lower, especially at the long end of the curve.
The Treasury will auction three year notes today.
The probability of a fed funds rate hike at the Federal Open Market Committee’s September 26 meeting is 94%, which is unchanged from yesterday.
Also, there are increasing probabilities of an additional rate hike in December.
The longer term trend for futures is lower, especially for the thirty year Treasury bonds.
September 18 S&P 500
Support 2846.00 Resistance 2863.00
September 18 U.S. Dollar Index
Support 94.720 Resistance 95.270
September 18 Euro Currency
Support 1.15810 Resistance 1.16520
September 18 Japanese Yen
Support .89970 Resistance .90430
September 18 Canadian Dollar
Support .76860 Resistance .77270
September 18 Australian Dollar
Support .7376 Resistance .7455
September 18 Thirty Year Treasury Bonds
Support 142^20 Resistance 143^12
December 18 Gold
Support 1213.0 Resistance 1228.0
September 18 Copper
Support 2.7200 Resistance 2.7750
September 18 Crude Oil
Support 68.66 Resistance 70.11
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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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.