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ADP Employment Report Stronger


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STOCK INDEX FUTURES

The November Automatic Data Processing employment change report showed a 190,000 increase, which compares to expectations of a gain of 175,000.

Productivity increased at a 3% annual rate in the third quarter, which compares to expectations of a 3.3% annualized gain.

Unit labor costs fell at a .2% annual rate in the third quarter. This compares to the estimate of a .3% annualized gain.

Yesterday the House of Representatives voted to go to conference with the Senate to begin formal negotiations on a tax reform bill. The Senate is expected to hold a similar conference vote later this week.

There is a possibility of a U.S. government shutdown if lawmakers do not reach a budget agreement this week. Government funding is scheduled to expire on Friday.

The main trend for stock index futures is higher.

CURRENCY FUTURES

The British pound is lower after the U.K. Brexit secretary said the government has not carried out any economic assessment on how Britains exit from the European Union could impact different parts of the U.K. economy.

In addition, the pound was pressured by news reports that Prime Minister May is facing a revolt from inside her Cabinet over her plans to keep U.K. regulations in line with the European Union after Brexit.

INTEREST RATE MARKET FUTURES

Some flight to quality buying is coming into the market due to renewed Mideast concerns.

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 than 99%.

SUPPORT AND RESISTANCE

December 17 S&P 500

Support 2616.00 Resistance 2635.00

December 17 U.S. Dollar Index

Support 93.010 Resistance 93.550

December 17 Euro Currency

Support 1.17930 Resistance 1.18670


December 17 Japanese Yen

Support .88690 Resistance .89450

December 17 Canadian Dollar

Support .78650 Resistance .79150

December 17 Australian Dollar

Support .7562 Resistance .7647

March 18 Thirty Year Treasury Bonds

Support 153^8 Resistance 154^20

February 18 Gold

Support 1263.0 Resistance 1275.0

March 18 Copper

Support 2.9400 Resistance 2.9550

January 18 Crude Oil

Support 56.53 Resistance 57.90

For more information about these futures 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. Past results are not indicative of future results or performance. 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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