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Cannon Futures Weekly Letter Issue # 1194
In this issue:
- Important Notices – Earnings, FOMC Minutes & Market Scanner
- Futures 101 – Cannon Trading Market Scanner! NEW
- Hot Market of the Week – July Natural Gas
- Broker’s Trading System of the Week – NQ Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
Earnings, FOMC Minutes, 9 FED Speeches
- Earnings Highlights: Lowes Pre open T, Target Pre-op W, NVIDIA W after close, Intuit TH after close
- ECON Data: on Wed. Existing Home Sales 9am Central, FOMC Minutes 1PM central: Th-7:30 Initial Jobless claims,8:45 PMI,9:00 New Home Sales: Fri. 7:30 Durable Goods,9:00 Mich. Consumer Sentiment Final all times CST .
- Fed Speeches: Mon. Bostic, Waller, Jefferson begins @ 7:45: Tues, Waller, Barkin, Williams, Bostic Begins @ 8:00 am Th. 2 PM Bostic: Fri. 8:35 am Waller. all times CST
Futures 101 :
Cannon’s Market Scanner
In the overview below, you’ll find our analysis of which markets present the best opportunities for long and short positions.
Our latest offering is the culmination of extensive research and rigorous backtesting of mathematical models designed to forecast the optimal direction for market engagement on any given day. The result is a comprehensive table that highlights the markets our algorithm deems most favorable for long positions, as well as those suitable for short positions. But what does this mean in practice? There are numerous strategies one might employ, yet the core principle remains: recognizing a market’s inherent bias can significantly aid a trader’s decision-making process. For instance, if there’s an identifiable long bias in a market nearing a support level, instead of considering a short position, it would be prudent to contemplate a purchase, aligning with the market’s long inclination. This is merely one instance of how such insights can be leveraged. We suggest monitoring the data closely for several days, or even weeks, taking detailed notes throughout. By dedicating yourself to this analysis, we’re confident you’ll discover the immense value of this information.
If you are a day trader, above you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side.
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Hot Market of the Week – July Natural Gas
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
July Natural Gas
July natural gas stabilized its slide in February and now has activated upside PriceCount objectives off the lows. The first count projects a potential run to the $3.02 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Treasury Bond Auctions and Price Action Watch video below.
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Swing
Recommended Cannon Trading Starting Capital
$75,000
COST
USD 50 / monthly
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Daily Levels for May 20th 2024
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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* 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.