S&P 500 at Record Highs

September 12, 2017

STOCK INDEX FUTURES

The S&P 500 surged to a record high close yesterday after North Korea failed to conduct another missile test over the weekend, reviving investor appetite for riskier assets such as equities.

U.S. stock index futures are higher today with the S&P 500 at another historic high after the August National Federation of Independent Business Small Business Optimism Index rose .1 in August to 105.3. This matches the highest level since the 12 year high was made in January, beating the consensus forecast that called for a small decline.

The Labor Department will release its monthly job openings and labor turnover survey report for July at 9:00 central time. Analysts are anticipating 6.010 million.

Geopolitical issues will only temporarily get in the way of this bull market.

The main trend for stock index futures is higher.

CURRENCY FUTURES

The increasing probability of an interest rate hike from the Federal Reserve in December and the better than estimated NFIB report earlier today helped the U.S. dollar to trade a little higher.

The main trend for the U.S. dollar is lower.

The British pound advanced to a one year high against the U.S. dollar on news that U.K. inflation accelerated more than forecast. British consumer prices jumped to five year high in August, increasing 2.9% compared to a year ago. Economists had predicted U.K. inflation would rise at a 2.8% rate last month from 2.6% in July.

Bank of England officials are expected to keep their benchmark interest rate steady at 25 basis points when they announce this month's policy decision Thursday.

The Canadian dollar and the Australian dollar are lower in spite of firming crude oil prices.

INTEREST RATE MARKET FUTURES

Flight to quality longs were liquidated again today.

The Treasury will auction 52 week bills and 10 year notes today.

Federal Reserve speakers are now in a blackout period before next week's policy meeting on September 20.

According to financial futures markets, the probability that the Federal Open Market Committee will increase its fed funds rate at the December 13 meeting is 47%, which compares to 37% yesterday.

The long term fundamentals for futures are mixed.

Stand aside for now.

SUPPORT AND RESISTANCE

September 17 S&P 500

Support 2483.00 Resistance 2497.00

September 17 U.S. Dollar Index

Support 91.670 Resistance 92.170

September 17 Euro Currency

Support 1.19250 Resistance 1.19970

September 17 Japanese Yen

Support .90830 Resistance .91680

September 17 Canadian Dollar

Support .82150 Resistance .82790

September 17 Australian Dollar

Support .7991 Resistance .8061

September 17 Thirty Year Treasury Bonds

Support 156^12 Resistance 157^16

December 17 Gold

Support 1325.0Resistance 1338.0

December 17 Copper

Support 3.0150 Resistance 3.0800

October 17 Crude Oil

Support 47.53 Resistance 48.78

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.