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Stock Index Futures Higher on Mixed News

By Alan Bush | Senior Financial Economist at ADMIS   

 

STOCK INDEX FUTURES

U.S. stock index futures are higher due to central banks' stimulus measures and investors' optimism about the pace of the economic recovery. 

The May Chicago Federal Reserve national activity index was positive 2.61 when negative 4.0 was expected.

The 9:00 central time May existing home sales report is anticipated to be 4.29 million.

Stock index futures appear to be overperforming the news today. 
In addition, the technical picture remains positive for stock index futures.

CURRENCY FUTURES

The U.S. dollar is lower, and the euro currency is higher. 

In spite of today’s price moves, 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 British pound is higher despite news that U.K. manufacturer output in the three months to June declined at the fastest rate on the record, according to the Confederation of British Industry survey.

INTEREST RATE MARKET FUTURES 

Prices are mostly higher in spite of higher stock index futures. 
The yield on the 10-year U.S. Treasury note ticked down to 0.686% from 0.696% on Friday. 
There are no major Federal Reserve speakers scheduled for today.
According to financial futures markets there is a 97.8% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.

SUPPORT & RESISTANCE

September 20 S&P 500
Support    3024.00     Resistance    3098.00 

September 20 U.S. Dollar Index
Support    97.200        Resistance    97.780

September 20 Euro Currency
Support    1.11830      Resistance    1.12580 

September 20 Japanese Yen
Support    .93520        Resistance    .93870

September 20 Canadian Dollar
Support    .73320        Resistance    .73840 

September 20 Australian Dollar
Support    .6807          Resistance    .6906

September 20 Thirty Year Treasury Bonds
Support    177^0         Resistance    177^30

August 20 Gold
Support    1750.0        Resistance    1785.0 

September 20 Copper
Support    2.6100         Resistance     2.6700 

August 20 Crude Oil
Support   38.95             Resistance    40.55

 



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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