By Alan Bush | Senior Financial Economist at ADMIS
U.S. stock index futures are on track for a fourth day of gains, as hopes for global stimulus continue to drive gains.
Homebuyer mortgage demand increased to an 11-year high, as rates hit another record low. Mortgage applications to purchase a home increased 4% last week from the prior week and were 21% higher than a year ago, according to the Mortgage Bankers Association. This was the ninth consecutive week of gains.
May housing starts were 974,000 when 1,100,000 were expected and permits were 1,220,000, which compares to the anticipated 1,250,000.
Following his testimony before the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell will testify before the House Financial Services Committee today at 11:00 central time. Yesterday during his testimony Powell emphasized that the Federal Reserve is encouraged by the recent economic data, but the central bank remains cautious and believes the U.S. economy is still a long way from “normalcy.” He also reinforced his previous comments that the Federal Reserve is ready to do more if needed.
The technical picture remains positive for stock index futures.
The U.S. dollar appears to be bottoming and the euro currency appears to be topping.
The euro zone consumer price index for May was down 0.1% on the month, as estimated.
The Bank of England will hold its regularly scheduled policy meeting tomorrow.
The Bank of Canada governor said it could take a long time before the economy recovers.
The Treasury will auction 20-year bonds today.
Other Federal Reserve speakers today are Raphael Bostic at 11:00 and Loretta Mester at 3:00.
According to financial futures markets there is a 95.6% probability that the FOMC will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.
September 20 S&P 500
Support 3093.00 Resistance 3150.00
September 20 U.S. Dollar Index
Support 96.700 Resistance 97.310
September 20 Euro Currency
Support 1.12360 Resistance 1.13200
September 20 Japanese Yen
Support .93150 Resistance .93450
September 20 Canadian Dollar
Support .73630 Resistance .74100
September 20 Australian Dollar
Support .6850 Resistance .6934
September 20 Thirty Year Treasury Bonds
Support 175^0 Resistance 176^12
August 20 Gold
Support 1715.0 Resistance 1743.0
July 20 Copper
Support 2.5500 Resistance 2.5850
August 20 Crude Oil
Support 37.34 Resistance 39.13
Would you like to open an account with us? Go to our interactive New Account application at Open an Account. It is fast, saves on postage and it’s green.
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.
Contact Us Today
Get free guides and special offers in the Resource Center.
© 2018 Archer Financial Services, Inc.
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.