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Third Quarter Earnings Better than Expected

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November 8, 2017


S&P 500, Dow and NASDAQ futures hit record highs yesterday.

However, U.S. stock index futures are only mixed today due to possible delays to President Donald Trump's tax reform plans.

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.

Also, with third quarter earnings season winding down, earnings for the quarter are anticipated to have climbed 8%, compared with expectations of a 5.9% increase at the beginning of October.

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 is lower, being weighed down by worries over possible delays to President Trump's tax reform plans.

The British pound fell for a second day against the U.S. dollar, as U.K. Prime Minister Theresa May could possibly lose a second member of her cabinet within a week.

The Canadian dollar advanced after a report showed housing starts in Canada increased in October, marking the ninth month in the last 10 that housing starts were above the 200,000 level on a seasonally adjusted basis.

Housing starts climbed 1.6% to 222,771 units in October, which is up from 219,293 in the previous month. Market expectations were for starts to come in at up 211,000.


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

There are no Federal Reserve speakers scheduled for today.

The Treasury will auction 10 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 2577.00 Resistance 2592.00

December 17 U.S. Dollar Index

Support 94.550 Resistance 94.940

December 17 Euro Currency

Support 1.15960 Resistance 1.16430

December 17 Japanese Yen

Support .87830 Resistance .88450

December 17 Canadian Dollar

Support .78210 Resistance .78760

December 17 Australian Dollar

Support .7636 Resistance .7688

December 17 Thirty Year Treasury Bonds

Support 154^6 Resistance 154^28

December 17 Gold

Support 1273.0 Resistance 1287.0

December 17 Copper

Support 3.0600 Resistance 3.1150

December 17 Crude Oil

Support 56.63 Resistance 57.55

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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