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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday June 15, 2016
Hello Traders,
Cannon Trading’s new eBook
FRONT MONTH for STOCK INDEX, CURRENCIES and FINANCIALS is September!!
The FOMC interest rate decision is due at 2:15 ET in the US tomorrow ( Wednesday, June 15th ). Also more than a few economic numbers ahead of the announcement.
FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.
The following are 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 2065.00 with a stop at 2059.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2059.75 and place a stop a few points below in this hypothetical example.
- 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.
- Know what the market was expecting, learn what came out and observe market reaction for clues
- Be patient and be disciplined
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.
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| Contract Sept. 2016 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2092.75 | 4487.42 | 17831 | 1164.77 | 96.09 |
| Resistance 2 | 2082.75 | 4460.08 | 17749 | 1157.13 | 95.61 |
| Resistance 1 | 2074.75 | 4438.67 | 17664 | 1150.37 | 95.34 |
| Pivot | 2064.75 | 4411.33 | 17582 | 1142.73 | 94.87 |
| Support 1 | 2056.75 | 4389.92 | 17497 | 1135.97 | 94.60 |
| Support 2 | 2046.75 | 4362.58 | 17415 | 1128.33 | 94.12 |
| Support 3 | 2038.75 | 4341.17 | 17330 | 1121.57 | 93.85 |
| Contract | Aug. Gold | July Silver | July Crude Oil | Sept. Bonds | Sept. Euro |
| Resistance 3 | 1309.3 | 17.81 | 49.46 | 170 21/32 | 1.1418 |
| Resistance 2 | 1301.1 | 17.65 | 49.07 | 170 9/32 | 1.1377 |
| Resistance 1 | 1294.9 | 17.53 | 48.79 | 169 16/32 | 1.1309 |
| Pivot | 1286.7 | 17.38 | 48.40 | 169 4/32 | 1.1268 |
| Support 1 | 1280.5 | 17.26 | 48.12 | 168 11/32 | 1.1200 |
| Support 2 | 1272.3 | 17.10 | 47.73 | 167 31/32 | 1.1159 |
| Support 3 | 1266.1 | 16.98 | 47.45 | 167 6/32 | 1.1091 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | July Nat Gas |
| Resistance 3 | 452.9 | 504.2 | 1203.50 | 422.43 | 2.72 |
| Resistance 2 | 444.8 | 498.8 | 1190.00 | 416.47 | 2.67 |
| Resistance 1 | 440.7 | 491.9 | 1179.75 | 412.53 | 2.64 |
| Pivot | 432.6 | 486.6 | 1166.25 | 406.57 | 2.59 |
| Support 1 | 428.4 | 479.7 | 1156.0 | 402.6 | 2.6 |
| Support 2 | 420.3 | 474.3 | 1142.50 | 396.67 | 2.50 |
| Support 3 | 416.2 | 467.4 | 1132.25 | 392.73 | 2.46 |
Economic Reports
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:09pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedJun 15 | 2:45am | EUR |
French Final CPI m/m
|
0.4% | 0.4% | ||||
| 4:30am | GBP |
Average Earnings Index 3m/y
|
1.7% | 2.0% | |||||
| GBP |
Claimant Count Change
|
-0.1K | -2.4K | ||||||
| GBP |
Unemployment Rate
|
5.1% | 5.1% | ||||||
| 5:00am | EUR |
Trade Balance
|
21.6B | 22.3B | |||||
| Tentative | EUR |
German 10-y Bond Auction
|
0.14|1.3 | ||||||
| 8:30am | USD |
PPI m/m
|
0.3% | 0.2% | |||||
| USD |
Core PPI m/m
|
0.1% | 0.1% | ||||||
| USD |
Empire State Manufacturing Index
|
-3.4 | -9.0 | ||||||
| 9:15am | USD |
Capacity Utilization Rate
|
75.2% | 75.4% | |||||
| USD |
Industrial Production m/m
|
-0.2% | 0.7% | ||||||
| 10:00am | EUR |
German Buba President Weidmann Speaks
|
|||||||
| 10:30am | USD |
Crude Oil Inventories
|
-3.2M | ||||||
| 2:00pm | USD |
FOMC Economic Projections
|
|||||||
| USD |
FOMC Statement
|
||||||||
| USD |
Federal Funds Rate
|
<0.50% | <0.50% | ||||||
| 2:30pm | USD |
FOMC Press Conference
|
|||||||
| 4:00pm | USD |
TIC Long-Term Purchases
|
78.1B |