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Stock Index Futures at Record Highs

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November 7, 2017


S&P 500, Dow and NASDAQ futures hit record highs in the overnight trade.

Global stocks are mixed with traders keeping a close eye on developments in U.S. tax reform plans and after a series of arrests in Saudi Arabia as part of a crackdown on corruption.

The 9:00 central time September Job Openings and Labor Turnover Survey (JOLTS) report is expected to total 6.082 million.

The 2:00 September consumer credit report is anticipated to show a $17.4 billion increase.

At 2:00 Federal Reserve Chair Yellen will give acceptance remarks at the "Presentation of the Paul H. Douglas Award for Ethics in Government" in Washington.

With over 80% of the companies in the S&P 500 having reported quarterly results, approximately 73% of them have surpassed earnings expectations, while 65% have exceeded revenue estimates.

The computer models that I use continue to generate bullish signals for stock index futures.

The main trend for stock index futures is higher.


The U.S. dollar continues to be supported by optimism that there will be tax reform.

The euro currency is lower in spite of news that retail sales in the region increased .7% month-to-month and 3.7% year-to-year, being boosted by clothing and food demand.

Some of the recent pressure on the euro can be attributed to the belief that monetary policy will continue to diverge between the U.S. and the euro zone.

Analysts are anticipating the U.S. central bank will hike interest rates next month followed by possibly two more increases next year, while traders don't expect an increase in euro zone interest rates until 2019 at the earliest.

The Reserve Bank of Australia left its cash rate at a record low 1.5% and it appears that there will be no near term interest rate hike by the RBA, with inflation relatively low.


Futures are steady to a little lower at the front of the curve and a little higher at the long end.

The Treasury will auction 52 week bills and three year notes today.

According to financial futures markets, the probability that the Federal Open Market Committee will increase its fed funds rate at the December 12-13 meeting is over 98%.


December 17 S&P 500

Support 2583.00 Resistance 2595.00

December 17 U.S. Dollar Index

Support 94.550 Resistance 95.150

December 17 Euro Currency

Support 1.15700 Resistance 1.16490

December 17 Japanese Yen

Support .87520 Resistance .88160

December 17 Canadian Dollar

Support .78180 Resistance .78820

December 17 Australian Dollar

Support .7633 Resistance .7711

December 17 Thirty Year Treasury Bonds

Support 153^24 Resistance 154^16

December 17 Gold

Support 1272.0 Resistance 1285.0

December 17 Copper

Support 3.1000 Resistance 3.1750

December 17 Crude Oil

Support 56.88 Resistance 57.77

For more information about these markets, please contact Alan at 312.242.7911 or via email at 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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About the author

Alan Bush has been a commodity analyst since 1976 focusing on the fundamental and technical aspects of stock index, interest rate and foreign currency markets. He has authored several articles for Stocks Futures and Options magazine and produced the “Futures Tech Focus” program, which is a technically based market outlook.

Alan served on the faculty of Oakton College as instructor of a course entitled, “Principles of Technical Analysis.” He has been interviewed on many national television programs, appearing on the Nightly Business Report, CNBC, CNN Moneyline, Reuters Television and Web FN. In addition, he has been frequently quoted in The Wall Street Journal, USA Today, The Bond Buyer and the Chicago Tribune and has been regularly interviewed on Chicago’s WMAQ radio business reports.

Alan can be reached at (312) 242-7911, or via email at

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