By Alan Bush | Senior Financial Economist at ADMIS
Jobless claims in the week ended June 13 were 1,508,000 when 1,220,000 were expected.
The June Philadelphia Federal Reserve business outlook survey was positive 27.5 when negative 22.7 was anticipated.
The 9:00 central time May leading indicators index is expected to be up 1.7%.
A recovery from the lower morning prices is likely.
The technical picture remains positive for stock index futures.
The U.S. dollar is higher for a third day.
Euro zone banks borrowed 1.3 trillion euros ($1.46 trillion) from the European Central Bank via a long-term lending facility. The ECB has relied heavily on its long-term loan program to help businesses and households.
The U.S. dollar appears to be bottoming and the euro currency appears to be topping, especially now that the European Central Bank is becoming more accommodative.
The Bank of England held its regularly scheduled policy meeting today. The U.K. central bank said it increased the target for its bond-buying program to 745 billion pounds ($935.35 billion), from 645 billion pounds previously. The BoE kept its benchmark interest rate at 0.1%, which is a record low. Officials indicated they are reviewing the merits of lowering their policy rate to below zero.
The Australian dollar is lower after a report showed employment in Australia decreased 227,700 to 12,154,100 people. Full-time employment decreased 89,100 to 8,540,000 people and part-time employment decreased 138,600 to 3,614,100 people. The unemployment rate increased 0.7 pts to 7.1%.
Futures are higher in light of weaker stock index futures.
Federal Reserve speakers today are Neel Kashkari at 10:00, Loreta Mester at 11:15, James Bullard at 1:00 and Mary Daly at 6:00.
According to financial futures markets there is a 97.8% 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 3060.00 Resistance 3124.00
September 20 U.S. Dollar Index
Support 96.900 Resistance 97.380
September 20 Euro Currency
Support 1.12360 Resistance 1.12900
September 20 Japanese Yen
Support .93400 Resistance .93492
September 20 Canadian Dollar
Support .73440 Resistance .74000
September 20 Australian Dollar
Support .6831 Resistance .6910
September 20 Thirty Year Treasury Bonds
Support 175^24 Resistance 177^12
August 20 Gold
Support 171210 Resistance 1752.0
September 20 Copper
Support 2.5900 Resistance 2.6475
August 20 Crude Oil
Support 37.34 Resistance 39.00
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.