August 2nd, 2019 - Issue #976
In This Issue
1. Trading 201: Day Trading Alerts and Newsletter via Email
2. Hot Market Report: High Volatility 100 point Selloff on ES
3. Economic Calendar
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1. Trading 201: Day Trading Alerts and Newsletter via Email
The Edge, daily trading signals newsletter FREE 3 months trial
A veteran client and trader once remarked "Just tell me WHICH market to trade on any specific day and WHAT direction and I can trade the heck out of it...." Well, the Edge by ExitPoints.com does exactly that. The ExitPoints EDGE email will let you know the night before what markets to focus on and which direction the market is expected to move. From that point you can more confidently create your trading plan and utilize your trading prowess to capture opportunities. (*Futures Trading is Risky)
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2. Hot Market Report: High Volatility 100 point Selloff on ES
By Joe Easton, Senior BrokerClick on image below to enlarge
This week’s highlighted Market is mini SP 500 futures.Part of the stock index family that includes mini NASDAQ 100, mini Russell, mini Dow, Mid cap, Nikkei and a few more. Most traded on the CME/CBOT/GLOBEX exchanges.
If you took a vacation you might have missed it, the E-Mini S&P 500- ES sold off over 100 points from last Friday High 3029.5 to today intraday low of 2913.5! For our Dow folks…The Dow- YM actually made its recent High the week before dumping 1184 points from 27,397 to today’s current intraday low of 26,213! There are several important fundamental pieces that can explain the increased volatility. First, we had the first rate cut from the Federal Reserve- FOMC in 10 years on Wednesday. THE FOMC reduced rates by .25%. Second, President Trump announced new Chinese Tariffs for September 1st. Third, we had the monthly employment report Friday. Technically losing the July 16th resistance of 3018.75 was the first indication of a possible reversal. On Tuesday we had a high of 3018.25. After the FOMC announcement we had a sharp selloff from 3016 to 2958 (58-point drop) in about 30 minutes. From that low we rallied to a lower high of 3014.25, followed by a lower low 2913.5. At press time we are almost 20 points off the low. You can see from the green line this area of support around 2914. We are now watching the high resistance from late September (2944.75) and the more recent highs of May 1st of (2950 and 2956). Closing under this level today could cause further selling pressure toward 2870. Getting a close over 2950 should result in short covering and possible finish to recent downtrend. This chart was prepared using E-Futures Int'l and intraday settings with a 4- hour chart. Sign up for 28 days DEMO with real-time data.
Mini SP500 Futures Specs
Hours: 5:00 PM to 4:00 PM next day PM Central Time
Margins: $6600 initial, 6000 Maint. ( as of the date of this newsletter)
Point Value: full point = $50 ( Example: 2819.00 to 2820.00 ). Min fluctuation is 0.25 = $12.50 ( Example: 2819.00 to 2819.25) Settlement: Cash on the open of the third Friday of each QUARTER ( June, Sep, Dec, March )
Months: Quarterly cycle, June, Sep, Dec, March. M,U,Z,H
Weekly Options:YES
Mini SP 500 is one of my favorite markets for Day Trading because of the intraday range and movements. Be careful, these factors can work against you or in your favor.
Some of the basic fundamentals to keep in mind when you are considering trading the NQ or other indices for this matter:
1. Longer term view of current market prices
2. Dates and times of important reports. CPI, Housing, employment, FOMC are just some of the reports you need to watch for
3. Earning reports
4. U.S. Fiscal and Monetary Stability
Our brokers here at Cannon will be happy to chat about the MINI SP500 market, other indices, other futures, options, futures spreads and much more! Feel free to contact us at any time.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 08/02 Fri |
7:30 AM CDT - Ave Workweek & Hourly Earnings(Jul)
7:30 AM CDT - Nonfarm Payrolls(Jul) 7:30 AM CDT - Trade Balance(Jun) 7:30 AM CDT - Unemployment Rate(Jul) 9:00 AM CDT - Factory Orders(Jun) 9:00 AM CDT - Univ of Mich Consumer Sent-Final(Jul) |
FN: Aug RBOB & ULSD(NYM)
LT: Aug Live Cattle Options(CME) Sep Cocoa Options(ICE) |
| 08/05 Mon |
9:00 AM CDT - ISM Non-Manufacturing Index(Jul)
3:00 PM CDT - Crop Progress |
FN: Aug Live Cattle(CME)
|
| 08/06 Tue |
3:30 PM CDT - API Energy Stocks
|
|
| 08/07 Wed |
9:30 AM CDT - EIA Petroleum Status Report
2:00 PM CDT - Consumer Credit(Jun) 2:00 PM CDT - Dairy Products Sales |
|
| 08/08 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Natural Gas Report 3:30 PM CDT - Money Supply |
LT: Sep Sugar-16(ICE)
|
| 08/09 Fri |
7:30 AM CDT - Core PPI & PPI(Jul)
|
FN: Sep Sugar-16(ICE)
LT: Aug Canadian Dollar Options(CME) Aug Currencies Options(CME) Aug Mx Peso Options(CME) Aug US Dollar Index Options(ICE) Sep Coffee Options(ICE) |
| 08/12 Mon |
11:00 AM CDT - WADSE Report & Crop Production
1:00 PM CDT - Treasury Budget(Jul) 3:00 PM CDT - Crop Progress |
|
| 08/13 Tue |
7:30 AM CDT - Core CPI & CPI(Jul)
3:30 PM CDT - API Energy Stocks |
|
| 08/14 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Export(ex-ag) & Import(ex-oil) Prices(Jul) 9:30 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Product Sales |
LT: Aug Lean Hogs(CME)
Aug Soybeans,Soymeal,Soyoil(CBT) Aug Lean Hogs Options(CME) |
| 08/15 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Empire State Manufacturing(Aug) 7:30 AM CDT - Philadelphia Fed Index(Aug) 7:30 AM CDT - Productivity-Prel(Q2) 7:30 AM CDT - Retail Sales(Jul) 7:30 AM CDT - Retail Sales Ex-Auto(Jul) 8:15 AM CDT - Capacity Util & Industrial Prod(Jul) 9:00 AM CDT - Business Inventories(Jun) 9:30 AM CDT - EIA Natural Gas Report 11:00 AM CDT - NOPA Crush 3:00 PM CDT - Net Long Term TIC Flows 3:30 PM CDT - Money Supply |
LT: Sep Crude Lt Options(NYM)
Sep Sugar-11 Options(ICE) |
| FN=First Notice, OE=Option Expiration, LT=Last Trade | ||
* 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!
