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2. Hot Market Report: NASDAQ resuming the sell off?
By Ilan Levy-Mayer, VP
Click on image below to enlarge
Stock index futures in general, and the NASDAQ 100 specifically have gone through a wild ride, to say the least. Since the historic day on Feb. 5th, we have seen the market bounce back almost all the way to pre sell off levels!! but that did not last long and recently the market resumed the downtrend. GeoPolitical events, Domestic budget concerns, trade wars are a few factors to name. This week's FOMC confirmed higher rates this year and going forward which is also affecting the markets.
Throw in some Facebook ( FB) scandal to the mix ( data mining hasn’t been an issue when the US Government does it) and you’ve got a recipe for a possible test of the lows we made on Feb. 9th.
Daily chart of the mini NASDAQ 100 market for your review above. Notice the blue line. The way I view the chart, as long as we hold below that level ( approx. 6848) the market is on the bearish side. This is my opinion.
This chart was prepared using our CQG Q trader software, which you can demo for 14 days with realtime data.
Our brokers here at Cannon will be happy to chat about different markets, options, futures spreads and much more!
Feel free to contact us at any time.
9:00 AM CDT - Consumer Confidence(Mar)
3:30 PM CDT - API Energy Stocks
LT: Mar Copper(CMX)
Apr Natural Gas(NYM)
6:00 AM CDT - MBA Mortgage Applications Index
7:30 AM CDT - GDP-Third Estimate(Q4)
7:30 AM CDT - GDP Deflator-Third Estimate(Q4)
9:00 AM CDT - Pending Home Sales(Feb)
9:30 AM CDT - EIA Petroleum Status Report
2:00 PM CDT - Dairy Products Sales
FN: Apr Natural Gas(NYM)
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - PCE Prices(Feb)
7:30 AM CDT - PCE Prices-Core(Feb)
7:30 AM CDT - Personal Income & Spending(Feb)
9:30 AM CDT - EIA Natural Gas Report
11:00 AM CDT - Grains Stocks
11:00 AM CDT - Prospective Plantings
2:00 PM CDT - Hogs & Pigs
3:30 PM CDT - Money Supply
FN: Apr Copper(CMX)
Apr Gold & Silver(CMX)
Apr Platinum & Palladium(NYM)
LT: Mar 2,5 Year Notes(CBT)
Mar Fed Funds(CME)
Mar Feeder Cattle(CME)
Apr RBOB & ULSD(NYM)
Mar Fed Funds Options(CME)
Mar Feeder Cattle Options(CME)
Apr Lumber Options(CME)
9:00 AM CDT - Construction Spending(Feb)
9:00 AM CDT - ISM Index(Mar)
2:00 PM CDT - Cotton System
2:00 PM CDT - Fats & Oils
2:00 PM CDT - Grain Crushings
1:00 PM CDT - Auto & Truck Sales(Mar)
3:30 PM CDT - API Energy Stocks
FN: Apr RBOB & ULSD(NYM)
LT: Mar Butter(CME)
Mar Butter Options(CME)
Mar Milk Options(CME)
6:00 AM CDT - MBA Mortgage Purchase Index
7:15 AM CDT - ADP Employment Change(Mar)
9:00 AM CDT - Factory Orders(Feb)
9:00 AM CDT - ISM Services(Mar)
9:30 AM CDT - EIA Pertroleum Status Report
2:00 PM CDT - Diary Products Sales
Disclaimer: This calendar is compiled from
sources believed to be reliable. Moore Research Center, Inc.
assumes no responsibility for any errors or omissions. It is meant
as an alert to events that may affect trading strategies and is not
necessarily complete. The release dates for certain economic
reports may have been rescheduled.
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.