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Stock Index Futures Rebound

By Alan Bush | Senior Financial Economist at ADMIS   

 

STOCK INDEX FUTURES

After yesterday’s sharp decline futures are rebounding.

Treasury Secretary Steven Mnuchin yesterday said the government is weighing a second round of stimulus payments.  

The 9:00 central time June consumer sentiment index is expected to be 75.
  
In recent weeks, U.S. stock index futures have shown a tendency to bounce back from bearish news. 

CURRENCY FUTURES

The euro is higher on news that industrial production in the euro zone fell less than anticipated.

Euro zone April industrial output declined by 17.1% in the euro area when down 20% was estimated by economists.
     
The U.S. dollar appears to be bottoming and the euro currency appears to be topping.

Japan’s parliament passed a record 31.9 trillion yen ($298 billion) extra budget today in an effort to support the economy. 

INTEREST RATE MARKET FUTURES 

In light of the gains in stock index futures today, flight to quality longs are being liquidated. 
Now that the bullish FOMC meeting is out of the way, futures are likely to drift lower from the highs that were make yesterday.

SUPPORT & RESISTANCE


June 20 S&P 500
Support    3001.00     Resistance    3085.00 

June 20 U.S. Dollar Index
Support    96.450       Resistance    96.980

June 20 Euro Currency
Support    1.12700     Resistance    1.13450 

June 20 Japanese Yen
Support    .92920        Resistance    .93850

June 20 Canadian Dollar
Support    .73100        Resistance    .74000 

June 20 Australian Dollar
Support    .6800          Resistance    .6915

September 20 Thirty Year Treasury Bonds
Support    176^12       Resistance    178^12

August 20 Gold
Support    1725.0         Resistance    1757.0 

July 20 Copper
Support    2.5550         Resistance     2.6250 
 
July 20 Crude Oil
Support   34.40             Resistance    37.03

 



For more information about these markets, please contact Alan at 312.242.7911  or via email at alan.bush@admis.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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