Dow Futures at Record Highs
Alan Bush of ADM Investor Services - InsideFutures.com - Mon Jun 19, 8:45AM CDT

June 19, 2017

STOCK INDEX FUTURES

Stock index futures were higher in the overnight trade with Dow Jones futures advancing to a new record high.

There are no major economic reports scheduled for today

The main trend for stock index futures is higher.

CURRENCY FUTURES

The U.S. dollar firmed after Federal Reserve Bank of New York President William Dudley said the Fed plans on tightening monetary policy “very judiciously.” In addition, he said he is very confident the expansion has “a long ways to go.”

We expect these early gains in the greenback will be given back later today and, in the longer term, we anticipate the U.S. dollar will underperform.

The euro currency is lower after a report said euro zone construction output increased 3.2% on a year to year basis in April, which compares to the 3.8% annualized rate reported in March.

The Japanese yen is lower after a report showed Japanese exports increased 14.9% in May, when an 18.2% increase was expected by economists. In spite of the weaker than predicted report, Japan's exports logged their biggest gains since January of 2015 and the sixth consecutive month of increases.

The Australian dollar is lower after Moody’s downgraded ratings on several Australian banks.

However, the pressure on the currency of Australia was limited when the Reserve Bank of Australia governor said Australia's economy will grow a little faster in coming years than it has recently.

INTEREST RATE MARKET FUTURES

Futures came under pressure earlier this morning due to hawkish comments from Dudley of the Federal Reserve.

At 6:00 this evening President of the Federal Reserve Bank of Chicago Charles Evans will speak about the economy.

The probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 50%, which compares to 46% on Friday.

SUPPORT AND RESISTANCE

September 17 S&P 500

Support 2429.00 Resistance 2445.00

September 17 U.S. Dollar Index

Support 96.630 Resistance 97.110

September 17 Euro Currency

Support 1.12160 Resistance 1.12780

September 17 Japanese Yen

Support .90090 Resistance .90660

September 17 Canadian Dollar

Support .75460 Resistance .75880

September 17 Australian Dollar

Support .7569 Resistance .7628

September 17 Thirty Year Treasury Bonds

Support 155^0 Resistance 156^6

August 17 Gold

Support 1246.0Resistance 1260.0

July 17 Copper

Support 2.5550 Resistance 2.5950

August 17 Crude Oil

Support 44.31 Resistance 45.55

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.