NASDAQ at Record Highs Again

STOCK INDEX FUTURES

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

Some of the gains were linked to news that the National Federation of Independent Business small business index advanced to the highest level since 1983 in February, which compares to 106.9 In January.

The consumer price index increased .2% in February, as expected, and the consumer price index, which excludes the volatile food and energy sectors, advanced .2%, which was also as anticipated.

NASDAQ futures often lead price movements in the major stock indexes, which suggests higher prices for S&P 500, Dow and Russell 2000 futures.

CURRENCY FUTURES

The U.S. dollar is lower for a third day. I expect the greenback will continue to trade lower today and longer term.

The euro currency is higher for the third consecutive day. I expect the euro trade higher.

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

The Japanese yen fell to a two week low against the dollar, pressured by political turmoil engulfing Japanese Prime Minister Shinzo Abes government.

INTEREST RATE MARKET FUTURES

The Treasury will auction 30 year bonds today.

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 86%, which compares to 89% yesterday.

The main trend for the entire interest rate futures complex is lower, especially for the 30 year Treasury bonds.

SUPPORT AND RESISTANCE

June 18 S&P 500

Support 2783.00 Resistance 2809.00

March 18 U.S. Dollar Index

Support 89.550 Resistance 90.110

March 18 Euro Currency

Support 1.23120 Resistance 1.23970


March 18 Japanese Yen

Support .93160 Resistance .94150

March 18 Canadian Dollar

Support .77560 Resistance .78050

March 18 Australian Dollar

Support .7852 Resistance .7907

June 18 Thirty Year Treasury Bonds

Support 143^8 Resistance 144^20

April 18 Gold

Support 1311.0Resistance 1331.0

May 18 Copper

Support 3.1000 Resistance 3.1500

April 18 Crude Oil

Support 60.72 Resistance 61.81

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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