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SP500 Futures Take Out Double and Triple Top Patterns

by Alan Bush, Senior Financial Economist


U.S. stock index futures are higher despite rising tensions between Washington and Beijing.

S&P 500 futures are trading at the highest levels since March 9 after June S&P 500 futures advanced above a double top on the weekly chart and a triple top on the daily chart.

The April Chicago Federal Reserve national activity index was negative 16.74, which compares to the previous month’s figure of a revised negative 4.97.

The 9:00 central time May consumer confidence index is anticipated to be 88.3 and the 9:00 April new home sales report is estimated to show 495,000.

The 9:30 May Dallas Federal Reserve manufacturing general activity index is predicted to be negative 57.

The technical picture continues to improve for stock index futures.


The U.S. dollar is sharply lower but remains within a two-month trading range.

The British pound is higher despite a report from the Confederation of British Industry, which showed retail sales volumes remained depressed in the year to May. However, the pace of decline slowed a little compared with April. The report showed volumes are expected to fall at a slightly slower rate next month.

Higher crude oil prices supported the Canadian dollar and the Australian dollar.


In a risk on move, futures are lower across the board with most of the selling at the long end of the curve.

Neel Kashkari of the Federal Reserve will speak at 12:00.

The Treasury will auction two-year notes.

The next Federal Open Market Committee meeting is scheduled for June 9-10. Currently there is a 98.6% probability that the FOMC will leave its fed funds rate unchanged at zero to 25 basis points.

In the weeks ahead it is likely that the yield curve will continue to steepen.

Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.

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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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