Cannon Futures Weekly Letter

In Today’s Issue #1301

• The Week Ahead – Geopolitics & Non-farm payrolls (NFP)

• Trading 102: Futures vs. ETFs

• Futures 102 – The Daily Briefing – What The Pros Know Before Trading

• Wheat Spread Chart & Outlook

• Cannon Edge – Your Futures Trading Map for the week ahead!

• Trading Levels for Next Week
• Trading Reports for Next Week

What Futures Traders Should Watch This Week

By Mark O’Brien, Senior Broker

Probably at the top of the list for next week’s potential market movers is the announced peace deal that includes a phased disarmament of Hamas and gradual Israeli withdrawal from Gaza. How the handover of weapons would work and how committed Israel is to ending its attack on Gaza is not yet clear and both sides have insisted the other needs to make the first move. As with the long list of past negotiations – all unsuccessful – this one could take hold – or not.

Either way, as negotiations unfold, expect more convulsions among major market sectors, particularly equity indexes, energies and precious metals.

Economic Reports

·       Monday, August 3: U.S. ISM Manufacturing PMI and Construction Spending data.

·       Tuesday, August 4: U.S. Factory Orders and International Trade Balance data.

·       Wednesday, August 5: ADP Employment Change report, JOLTS job openings, and ISM Services PMI.

·       Friday, August 7: U.S. July Nonfarm Payrolls (NFP) and Employment Report.

Corporate Earnings & Events

·       Global Events: OPEC+ meetings over the weekend to review production quotas.

Futures vs. ETFs

Course Overview

Both Futures and Exchange Traded Funds are popular products for a variety of investors. Many traders use ETFs as a way to diversify their portfolios. What you might not have known is just one futures contract, the E-mini S&P 500, trades more average daily dollar volume than all 6,800 ETFs around the globe.

In this course we’ll explain the similarities and differences between futures and ETFs. You’ll also learn about the benefits of futures that include margin and capital efficiency, tax considerations, and market liquidity.

Watch the full video and take the short course for FREE – no obligation.

Futures 102: The Daily Briefing by Cannon

Every morning, the world’s biggest banks and macro strategists publish where markets are headed. The rest of the world waits for the headline.

That intelligence stays locked inside trading desks, institutional terminals, and private client portals — accessible only to the few who pay for the privilege, and even they only get what they pay for.

This briefing changes that (100% FREE on Cannon’s website!!). Every morning we scour the open web and aggregate everything that matters — pulling from publicly available sources so you never have to — and distill it into one clear, readable edition you can get through before your first coffee is finished.

No terminals. No subscriptions. No private portals. Just everything the market is saying, gathered in one place, every morning before the bell.

Read the Latest Briefing HERE and make sure to Bookmark this page!

September – December Wheat Spread

The September – December Wheat Spread resumed its break into a new low. If the chart can sustain further weakness the second downside PriceCount projects a possible slide to the -19.5 area. A trade below the May reactionary low would formally negate the remaining unmet upside objectives.

Some professional futures traders prefer trading spreads—both intraday and swing—because spreads can reduce outright market risk while still offering opportunities for consistent returns. By trading the price relationship between two related contracts rather than a single direction, traders can benefit from relative value inefficiencies, seasonal patterns, and supply-demand imbalances.

Intraday spread trading often provides smoother price action and tighter risk control, while swing trading spreads can capitalize on longer-term structural trends with lower volatility compared to outright positions. Additionally, spreads typically require lower margin and can be less sensitive to macro shocks, making them an appealing strategy for disciplined risk management and more stable performance.

That being said – spread trading is risky just like futures trading and past performance is not indicative of future results.

In today’s chart review, you will see an idea/ outlook of a swing trade between the Chicago Wheat and Kansas City wheat.

Some INTRA day traders will day trade gold vs silver, MNQ versus MES, ten years vs the 30 years and more….

Curious?

Learn more here or even better schedule a one-on-one consultation with a licensed series 3 broker HERE

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.

FREE TRIAL TO QT MARKET Center – Access to analysis, tools, news & Much more!

Highly recommended for HEDGERS!

Cannon Edge — Your Daily Futures Insight for the Next Trading Day! Cannon Edge for August 3rd, 2026

Cannon Edge is our new daily feature designed to give traders a fast, actionable overview of key futures markets. Each post delivers:

• Current price and daily % change
• 30‑day and 52‑week highs/lows
• PROPRIETARY Short‑term and long‑term trend signals
• Coverage across equity indices, metals, energies, currencies, and ags

Whether you’re scanning for breakout setups, trend reversals, or just staying informed — Cannon Edge puts the data in your hands before the open.

Built for speed. Backed by insight. Powered by CQG.

Daily Levels for August 3rd, 2026

Trading Reports for Next Week

First Notice (FN), Last trading (LT) Days for the Week:

www.mrci.com

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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