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Technicals Remain Supportive for Indices


Stock index futures are higher.

Gross domestic product in the fourth quarter increased 2.9% when up 2.7% was expected.

Durable goods orders in December increased 5.6% when a gain of 2.8% was  anticipated.

Jobless claims in the week ended  January 21 were 186,000 when 205,000 were predicted.

The December Chicago national activity index was-0.49 when -0.51 was estimated.

Wholesale inventories in December increased 0.1% when up 0.5% was expected.

The 9:00 central time December new home sales report is anticipated to be 614,000.

The technical aspects are supportive on balance.


The U.S. dollar index is higher, as futures remain in a trading range.

Interest rate differentials are neutral for the U.S. dollar.

The Confederation of British Industry’s distributive trades survey’s retail sales balance in the U.K. fell 34 points from a month earlier to -23 in January 2023, which is worse than market expectations of -5, according to the CBI’s latest quarterly Distributive Trades Survey. This was also the weakest report since last April.

Traders are positioning for big monetary policy events next week, with the Federal Reserve  decision due on Wednesday and both the Bank of England and the European Central Bank on Thursday. Both the BoE and the ECB are set to hike their key interest rates by 50 basis points.


The Treasury will auction 7-year notes today.

According to financial futures markets, currently there is a 99.0% of probability that the Federal Open Market Committee will increase its fed funds rate by 25 basis points and a 1.0% probability of a 50 basis point hike at the February 1 policy meeting.

The long term outlook for futures is higher.


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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 information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  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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