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Jobless Claims Higher

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November 9, 2017


Stock index futures are lower due to possible delays to President Donald Trump's tax reform plans and also because of a sudden fall in Japanese equities from multi-decade highs.

The number of people who filed for unemployment assistance in the U.S. last week increased more than expected.

Filings for initial jobless benefits in the week ending November 3 increased 10,000 to a seasonally adjusted 239,000. Analysts expected jobless claims to be up 2,000 to 231,000 last week.

The 9:00 central time September wholesale trade report is anticipated to show a .3% gain.

In spite of lower prices today, the main trend for stock index futures is higher.


The U.S. dollar is lower against most other major currencies after the release of disappointing U.S. jobless claims and uncertainty over the fate of the U.S. tax reform bill.

The euro currency is higher after the European Union said the economy of the euro zone is likely to exceed economic growth expectations for 2017. The E.U. said gross domestic product in the euro zone will grow by 2.2% in 2017, raising its forecast from 1.7% growth predicted in May.

The British pound is lower after the latest forecast from the European Commission, which predicted the U.K. economy to expand 1.5% this year, 1.3% in 2018 and 1.1% in 2019.

The Canadian dollar is steady on news that Canadian new house prices climbed in September.

Canada's new housing price index advanced .2% in September on a month-to-month basis. The increase was in line with market expectations.


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

The Treasury will auction 30 year bonds today, which appear to account for some of the pressure at the long end of the curve.

There are no Federal Reserve speakers scheduled for 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 2571.00 Resistance 2596.00

December 17 U.S. Dollar Index

Support 94.350 Resistance 94.940

December 17 Euro Currency

Support 1.16010 Resistance 1.16770

December 17 Japanese Yen

Support .87750 Resistance .88450

December 17 Canadian Dollar

Support .78440 Resistance .78890

December 17 Australian Dollar

Support .7639 Resistance .7698

December 17 Thirty Year Treasury Bonds

Support 153^16 Resistance 154^16

December 17 Gold

Support 1278.0 Resistance 1293.0

December 17 Copper

Support 3.0550 Resistance 3.1100

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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