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Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.


Quadruple Witching Tomorrow…. & Trading Levels 9.18.2020

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Dear Traders,

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Quadruple witching tomorrow….
Futures, futures options, stock options and single stocks all expire tomorrow morning right on the open of the stock market.
Keep in mind that September mini SP and it’s relatives ( mini Dow, mini Nasdaq etc.) EXPIRE tomorrow and cash settle based on special settlement price….Markets can get volatile tomorrow morning right before and around the open.
The September contract will simply cease to trade. If you have not switched to December yet, now is the time…..
Know the rules, understand current margins, know where the circuit breakers are/ limit moves.
Figure out your max risk.
After you do all that, feel free to trade but jumping in and trying to trade without the basic knowledge above is like jumping into a stormy ocean without a life vest…..
The path for USD has been rocky since its highs of mid-March, but the degree of rockiness depends on the path you’re taking. Continued complications around Brexit have now sent the pound (GBP) lower against the dollar on the year, while the euro’s (EUR) take on this news has been mostly bullish. Then there’s the yen (JPY) that is trying to find out what exactly Japan’s new prime minister, Yoshihide Suga, might mean for the BOJ.
Euro-Pound Push and Pull
If the trend around Brexit continues, then the pound and euro will cancel each other out and leave little in the way of a US Dollar reaction; and the same goes for this one-off news story that’s specific to Japan and its currency. So what will move the dollar?
What Will Move the Dollar?
Interest rates are still hugging 0%, which makes the next move either into negative territory or higher to normal ranges. Those thinking the former is in play might look at a bearish Small US Dollar (SFX) futures position, while those in the latter group could employ their ideas by trading the dollar from the long side. Finally, the upcoming election creates potential for USD movement. The election of Donald Trump, a republican, on November 8, 2016, was met by a 1% rally in the dollar the following day and a 6% rise for the rest of the year. SFX could see some volatility as November nears.
© 2020 Small Exchange, Inc. All rights reserved. Small Exchange, Inc. is a Designated Contract Market registered with the U.S. Commodity Futures Trading Commission. The information in this advertisement is current as of the date noted, is for informational purposes only, and does not contend to address the financial objectives, situation, or specific needs of any individual investor. Trading futures involves the risk of loss, including the possibility of loss greater than your initial investment.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

9-18-2020

Economic Reports, source: 

https://BetterTrader.co

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 here in 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 judgement in trading.

Posted in: Future Trading News  

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Rollover! & Daily Emini ES Chart and Trading Levels 9.17.2020

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

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It’s that time of the year where December contract is the front month for all stock indices/ currencies/ financials and other markets!
Rollover!!
FOMC came and left…usually the real market direction will show its true colors the next day.
Price action tomorrow and on Friday (quadruple witching) will be very important to watch.
Mini SP 500 chart for your review below:

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

9-17-2020

Economic Reports, source: 

https://BetterTrader.co

 

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 here in 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 judgement in trading.

Posted in: Future Trading News  

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Tomorrow We Have FOMC & Daily Soybean Oil Chart & Trading Levels 9.16.2020

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

Like us on FaceBook!
Get Real Time updates and market alerts on Twitter!
It’s that time of the year where December contract is the front month for all stock indices/ currencies/ financials and other markets!
Rollover!!
Tomorrow we have FOMC.
Normally the volatility is around the actual rate cut/increase….This time it is 99.99% of no change.
However, FOMC days do have unique behavior and this time my guess is, it will be around the language used after the announcement.
The following are my PERSONAL suggestions on trading during FOMC days:
·    Reduce trading size
·    Be extra picky = no trade is better than a bad trade
·    Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 3325.00 with a stop at 3319.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 3319.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).
·    Expect the higher volatility during and right after the announcement
·    Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
·    Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
·    Keep in mind statement comes out at 1 Pm Central time, the news conference which dissects the language comes out 30 minutes later so the volatility window stretches out.
·    Know what the market was expecting, learn what came out and observe market reaction for clues
·    Be patient and be disciplined
·    If in doubt, stay out!!
Find the clues?
Daily chart of Bean Oil futures below along with a graph showing the changes in the Non- Commercial long/short difference (weekly basis).

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

9-16-2020

Economic Reports, source: 

https://BetterTrader.co

 

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 here in 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 judgement in trading.

Posted in: Future Trading News  

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ROLLOVER for all Stock Indices/ Currencies/ Financials and Other Markets, Daily ES Chart & Futures Levels 9.15.2020

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

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Dear Traders,

Like us on FaceBook!
Get Real Time updates and market alerts on Twitter!
It’s that time of the year where December contract is the front month for all stock indices/ currencies/ financials and other markets!
Rollover!!
(US) Market Trading Hours Summary: Spat of M&A buoys risk sentiment
Summary:
Investors’ animal spirits were elevated after a merger Monday of sorts. Nvidia confirmed a $40B deal to acquire Arm setting the stage for a rally in the semis. Oracle appears to be the leader in the house for TikTok assets but details remain minimal. The Greenback continued to back track and gold futures rose 1% while bond prices were little changed. The Yen firmed after it was reported that incoming PM Suga will keep Aso on as Deputy PM and Finance Minister.
Overnight:
– Risk on appetite fueled by renewed optimism about a coronavirus vaccine
– Japan Suga won LDP leadership vote and poised to become the country’s new Prime Minister
– UK Parliament prepared to debate a proposal to rewrite parts of the Brexit withdrawal agreement.
US Session
-(US) Sec of Treasury Mnuchin: Confirms Oracle TikTok offer received over weekend; will continue to work on stimulus – CNBC interview
Europe and Asia
-(US) US Ambassador to China Branstad said to resign – CNN
-(UK) PM spokesperson: Internal market bill to protect trade across the four nations of the UK while maintaining global standards
-(EU) ECB Lane (Ireland, Chief Economist): Precautionary savings will persist for a while
-(JP) Incoming Japan PM Suga to reappoint Taro Aso as Deputy PM and Fin Min – press
In between, daily SP 500 futures chart for your review below (esz20), click on image to enlarge.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

9-11-2020

Economic Reports, source: 

https://BetterTrader.co

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 here in 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 judgement in trading.

Posted in: Future Trading News  

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Prepare for Rollover with Eminis, RBOB Daily Chart & Futures Levels 9.11.2020

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Voted #1 Blog and #1 Brokerage Services on TraderPlanet for 2016!!  

_________________________________________________

Dear Traders,

Like us on FaceBook!
Get Real Time updates and market alerts on Twitter!
If you are trading stock index futures, it is time to start trading the December contract. Symbol for December mini Sp is ESZ20
If you have any questions, please reach out to your broker here at Cannon and they can provide more insight.
I personally will switch tomorrow or Monday once I see the December volume higher than the September volume.
On a different note, I have a possible sell signal on the unleaded gasoline.
Daily chart for your review below and feel free to reach out for more personalized advise if you like.

Good Trading

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

 

Futures Trading Levels

9-11-2020

 

Economic Reports, source: 

https://forexfactory.com

 

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 here in 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 judgement in trading.

Posted in: Future Trading News  

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