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S&P 500 and Dow Jones Futures at Record Highs


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November 30, 2017

STOCK INDEX FUTURES

S&P 500 and Dow Jones futures advanced as investors focused on positive developments surrounding the U.S. tax bill.

Initial U.S. jobless claims fell 2,000 to 238,000 in the week ended November 25. Economists predicted claims to total 240,000.

Personal income increased .4% in October after rising at the same pace in September. Economists had expected a .3% gain in income.

Personal spending, increased .3% in October from a month earlier, which compares to the estimate of a .2% rise.

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

The U.S. dollar firmed, moving further away from a two month low that was registered earlier this week. Some traders are establishing long positions on the belief that the Federal Reserve will continue to unwind its record stimulus plan in 2018 as growth prospects improve.

The euro currency is higher in spite of news that the annual rate of inflation in the euro zone rebounded in November, but was below expectations. However, consumer prices were 1.5% higher than a year ago.

The unemployment rate in the euro zone declined to 8.8% in October, which is the lowest in almost nine years. In Germany, the jobless rate remained at a record low of 5.6% and retail sales unexpectedly fell 1.4% from a year earlier.

The British pound responded positively to news that an agreement was reached with the E.U. over the Irish border.

The Japanese yen is lower after a report showed Japans industrial output increased .5% in October, which compared to the estimate of a 1.9% gain.

The Canadian dollar and the Australia dollar are lower in spite of higher crude oil prices.

INTEREST RATE MARKET FUTURES

Futures are lower, especially at the long end of the curve.

Dallas Federal Reserve Bank President Robert Kaplan will speak at 12:00.

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 than 99%.

SUPPORT AND RESISTANCE

December 17 S&P 500

Support 2620.00 Resistance 2639.00

December 17 U.S. Dollar Index

Support 93.010 Resistance 93.540

December 17 Euro Currency

Support 1.18110 Resistance 1.18950

December 17 Japanese Yen

Support .88850 Resistance .89460

December 17 Canadian Dollar

Support .77430 Resistance .77860

December 17 Australian Dollar

Support .7545 Resistance .7609

March 18 Thirty Year Treasury Bonds

Support 151^20 Resistance 152^12

February 18 Gold

Support 1275.0 Resistance 1291.0

March 18 Copper

Support 3.0500 Resistance 3.1000

January 18 Crude Oil

Support 57.21 Resistance 58.31

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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