By Alan Bush | Senior Financial Economist at ADMIS
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.
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.
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.
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
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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.