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Jerome Powell Confirmation Hearing Today


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November 28, 2017

STOCK INDEX FUTURES

S&P 500 and Dow futures advanced to new historical highs.

The 9:00 November consumer confidence index report is expected to be 124.5 and the November Richmond Federal Reserve manufacturing index is anticipated to be 15.

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

The main trend for stock index futures is higher.

CURRENCY FUTURES

After the U.S. dollar fell to a nine week low yesterday there is some recovery today.

The British pound is lower after the Bank of England raised wider concerns over how the trillions of pounds worth of derivatives contracts will be treated after Brexit.

The Canadian dollar is lower due to weaker crude oil prices and in spite of news that Canadas producer prices increased 1% when market expectations were for a .5% rise.

INTEREST RATE MARKET FUTURES

The Treasury will auction seven year notes today.

Federal Reserve Governor Jerome Powell is scheduled to testify today before the Senate Banking Committee at 9:00. These confirmation hearings could be one of the least contentious for a Federal Reserve chair nominee since the financial crisis.

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 better than 99%.

SUPPORT AND RESISTANCE

December 17 S&P 500

Support 2594.00 Resistance 2609.00

December 17 U.S. Dollar Index

Support 92.660 Resistance 93.110

December 17 Euro Currency

Support 1.18750 Resistance 1.19450

December 17 Japanese Yen

Support .89730 Resistance .90310

December 17 Canadian Dollar

Support .78030 Resistance .78550

December 17 Australian Dollar

Support .7576 Resistance .7628

December 17 Thirty Year Treasury Bonds

Support 153^30 Resistance 154^28

December 17 Gold

Support 1289.0 Resistance 1300.0

December 17 Copper

Support 3.0600 Resistance 3.1450

January 17 Crude Oil

Support 57.31 Resistance 58.33

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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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 alan.bush@admis.com.

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