Alan Bush. April 12, 2018 STOCK INDEX FUTURES

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1 Alan Bush April 12, 2018 STOCK INDEX FUTURES Stock index futures are higher, looking past geopolitical risks and concerns about possible faster interest rate increases. Some support is coming from ideas that Syria tensions may be ebbing, especially after President Donald Trump made comments that cast doubt over the timing of his threatened military strike on Syria. President Trump tweeted, Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In addition, there is support from expectations of strong corporate earnings. Earnings season starts tomorrow. Some analysts are predicting quarterly earnings for S&P 500 companies will increase 17% to 18.5% from a year ago. Initial jobless claims decreased by 9,000 to a seasonally adjusted 233,000 in the week ended April 7. Claims have now held below 300,000 for 162 consecutive weeks, which is the longest streak for weekly records going back to Economists expected 230,000 new claims last week. Longer term, traders will probably gradually shift their focus of attention more toward earnings and the still accommodative global interest rate environment.

2 CURRENCY FUTURES After four days of declines, the U.S. dollar is higher as prospects for a fed funds rate hike in June increased. The euro currency is lower after a report showed industrial production in the euro zone fell for a third straight month in February. The European Union's statistics agency said output in February was.8% lower than in January. Economists anticipated a.2% increase. Flight to quality longs are being liquidated in the Japanese yen in light of the reduced tensions in Syria. The Canadian dollar and the Australian dollar are lower due to weaker crude oil prices. INTEREST RATE MARKET FUTURES There was some pressure on futures after yesterday s release of the minutes from the March Federal Open Market Committee meeting indicated Federal Reserve officials were a little more hawkish than expected. In addition, some of the selling can be attributed to a better tone to the situation in Syria, prospects of tighter credit from the Fed and today s Treasury offering of 30 year bonds. The probability of a fed funds rate hike from the Federal Open Market Committee at the June 13 meeting is 90%, which compares to 85% yesterday.

3 June 18 S&P 500 Support Resistance June 18 U.S. Dollar Index Support Resistance June 18 Euro Currency Support Resistance June 18 Japanese Yen Support Resistance June 18 Canadian Dollar Support Resistance June 18 Australian Dollar Support.7733 Resistance.7783 June 18 Thirty Year Treasury Bonds Support 145^20 Resistance 146^16 June 18 Gold Support Resistance May 18 Copper Support Resistance May 18 Crude Oil SUPPORT AND RESISTANCE

4 Support Resistance March 18 S&P 500 Support Resistance March 18 U.S. Dollar Index Support Resistance March 18 Euro Currency Support Resistance March 18 Japanese Yen Support Resistance March 18 Canadian Dollar Support Resistance March 18 Australian Dollar Support.7802 Resistance.7855 March 18 Thirty Year Treasury Bonds Support 142^20 Resistance 144^0 April 18 Gold Support Resistance May 18 Copper Support Resistance April 18 Crude Oil

5 Support Resistance 63.07