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NASDAQ Futures at Record Highs

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On Friday and also today NASDAQ futures advanced to new historical highs, while the Russell 2000 is closing in on new contract highs.

Stock index futures extended Fridays gains into todays trade, as markets globally reacted to Fridays on balance stronger than expected U.S. employment numbers.

The bullish employment numbers appear to have overpowered the bearish ramifications of ongoing trade tensions.

NASDAQ futures often lead price movements in the other major stock indexes, which suggests higher prices for S&P 500 and Dow futures.


The U.S. dollar traded lower on Friday in spite of the stronger than anticipated U.S. nonfarm payrolls report. However, there is some recovery today.

Although the U.S. dollar is higher currently, I expect the greenback will trade lower on the day.

Even though the euro currency is lower, I expect the euro to recover and trade higher.

Also, I continue to expect the double top resistance at the 1.2579 area in the March euro currency to be taken out, although it may take a while.

In spite of lower crude oil prices, the Canadian dollar and the Australian dollar are higher.


The Treasury will auction three and 10 year notes today.

The 1:00 central time February Treasury budget statement is estimated to show a $216 billion deficit.

A weak wage growth number in Fridays U.S. employment report caused some analysts to scale back their expectations from four fed funds rate hikes this year to only three.

I have been and still am on board for three rate increases this year.

The probability of a fed funds rate increase at the Federal Open Market Committees March 21 policy meeting is 89%, which is unchanged from Friday.

The main trend for the entire interest rate futures complex is lower.


June 18 S&P 500

Support 2783.00 Resistance 2808.00

March 18 U.S. Dollar Index

Support 89.770 Resistance 90.210

March 18 Euro Currency

Support 1.22880 Resistance 1.23510

March 18 Japanese Yen

Support .93430 Resistance .94150

March 18 Canadian Dollar

Support .77810 Resistance .78110

March 18 Australian Dollar

Support .7841 Resistance .7887

June 18 Thirty Year Treasury Bonds

Support 142^20 Resistance 143^26

April 18 Gold

Support 1311.0Resistance 1326.0

May 18 Copper

Support 3.1050 Resistance 3.1600

April 18 Crude Oil

Support 61.31 Resistance 62.45

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. 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

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