Cannon Futures Weekly Letter Issue # 1210

The Week Ahead

Non-Farm Payrolls, Many Fed Speakers within a very active Data week.

Earnings? Not so much  only 129 company’s reporting the largest by market cap will be Nike after the Tuesday close, PayChex come in second place pre-open Tuesday.

Fed Speak:

• Mon. Bowman
• Tues. Bostic, Cook, Barkin
• Wed. Hammack, Musalem, Bowman, Barkin
• Thu. Bostic
• Fri. Williams

Big Economic Data week:

• Mon. Chicago PMI, Dallas Fed Munufaturing Index,
• Tues. JOLTS,RedBook,S&P Final PMI, ISM PMI
• Wed. ADP, Chicago PMI, Pending Home Sales
• Thur. Continuing Jobless Claims, Factory Orders, Fed Balance Sheet
• Fri. Non Farm Payrolls

How to Rollover on the E-Futures Platform video below

• • Hot Market of the Week – December Gold

  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.

  FREE TRIAL AVAILABLE

  July / December Corn Spread

  

  The July – Dec corn spread activated upside PriceCount objectives off the July low and satisfied the first count early this month before consolidating with a sideways trade. From here, IF the chart can resume its rally with new sustained highs, the second count would project a possible run to the +3 1/2 area.

   

  PriceCounts – Not about where we’ve been, but where we might be going next!

Would you like to receive daily support & resistance levels?

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Trading Reports for Next Week

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

www.mrci.com 

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Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.

Cannon Futures Weekly Letter Issue # 1205

• • Hot Market of the Week – November Beans

  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.

  FREE TRIAL AVAILABLE

  November Beans

   

  November soybean satisfied the fourth downside PriceCount objective and is attempting an overdue near term correction higher. This suggests we may have come far enough for this phase of the bear run although the weekly chart has an open third count to the $9.07 area that keeps the downside potential open on a longer term basis.

   

  PriceCounts – Not about where we’ve been, but where we might be going next!

Would you like to receive daily support & resistance levels?

Yes Select

No Select

Trading Reports for Next Week

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

www.mrci.com 

---

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.

Strong moves across the board!

Volatility is a bit more manageable in my opinion the last few days compare to last week.

Daily chart of the NQ, mini Nasdaq for your review.

Also a video I created last year on projecting possible targets when you are in a trade below.

Daily Levels for August 16th, 2024

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.

Lower volume than usual today across the board, with choppy action in stock indices.

Summer trading? 4th of July extended vacations to some of the larger money? perhaps the light calendar and maybe it is all of the above.

Looks like a Light week ahead, based on reports below BUT we have CPI, PPI as well as:

Heavy Fed Speak and Data :

We have Treasury Secretary Yellen and Fed Chair Powell providing testimony to congress’s Semiannual Monetary Policy report, Tuesday its the U.S. Senate Committee on Banking, Housing and urban affairs. Wednesday it’s Before the U.S. House Financial Services Committee. In addition to 4 other Fed Speakers, Barr, Bowman, Goolsbee and Cook.

On the data front, impressive releases: Used Car Data, Consumer Inflation Expectations, Consumer Credit, NFIB Business Optimism Index, Jobless Claims, CPI, PPI, Michigan Consumer Sentiment

And Finally, WASDE release on Friday @11 a.m. Central

Daily Levels for July 9th, 2024

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.

Bullet Points, Highlights, Announcements     

By Mark O’Brien, Senior Broker

Happy Independence Day eve. Heads up traders. While tomorrow, July 4th is a holiday, the next day, July 5th is the first Friday of the month and for traders it marks the release of the Labor Department’s monthly Non-farm payrolls report. The report is widely considered to be one of the most important and influential measures of the U.S. economy. It’s released at 7:30 A.M., Central Time.

The economy is expected to have added 190,000 jobs in June, a step down from the 272,000 new jobs in May. The unemployment rate is forecast to hold steady at 4%. Average hourly earnings are expected to decline from 0.4% in May to 0.3% in June, in a potential good sign for the Fed.

Stock Indexes:

The Nasdaq climbed to new all-time highs today as traders continued their buying into the excitement surrounding artificial-intelligence technology.

The S&P 500 rose to set an all-time high for the 33rd time this year.

4th of July modified trading hours! Full schedule HERE

https://www.cannontrading.com/tools/support-resistance-levels/4th-of-july-2024-holiday-schedule-for-cme-exchange-hours/

Daily Levels for July 5th, 2024

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.

NFP tomorrow, FOMC Next Week:

By Mark O’Brien, Senior Broker

Tomorrow is the first Friday of the month and for traders it marks the release of the Labor Department’s monthly Non-farm payrolls report.  The report is widely considered to be one of the most important and influential measures of the U.S. economy.  It’s released at 7:30 A.M., Central Time.

To review, the Labor Dept.’s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.  The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.  The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.

Economists are expecting May job growth of 180,000 payrolls and for the unemployment rate to hold tight at 3.9%

If the jobless rate comes in below 4.0 percent as expected, it would mark the 28th consecutive month of sub-4% unemployment, which would be the longest streak in more than 70 years going back to the early 1950’s.

General, Part 2:

In what could be the turning point in the international fight against inflation, the Canadian central bank cut its interest rate a quarter-point from 5.0% to 4.75%.  It’s that country’s first reduction in four years, making them the first G-7 nation to lower borrowing costs/interest rates following its post-pandemic surge.  Like the U.S., Canada has a 2% target for inflation.

Certainly planned well before Canada announced its rate cut, on Thursday the European Central Bank lowered interest rates for the first time in nearly five years which applies across all twenty countries that use the Euro.  The bank’s benchmark deposit rate was lowered from 4% – the highest in the bank’s 26-year history and where the rate had been set since September – down to 3.75%.

Last month Sweden’s central bank cut its key interest rate to 3.75% from 4.00% and in what was characterized as a surprise move in March, the Swiss National Bank lowered its main policy rate by 0.25 percentage points to 1.5%.

Meanwhile, back in the U.S., there is more reluctance to ease.  Officials at the Federal Reserve are waiting to be more confident that a recent run of stubborn inflation readings will end. The Federal Reserve is not expected to cut rates at either of its next two meetings – including next week’s – and there is debate about whether it will plan to cut rates at all this year.

Stock Indexes:

Major stock index futures climbed to new all-time highs yesterday as traders continued their buying into the excitement surrounding artificial-intelligence technology.

The June E-mini S&P 500 jumped 1.2% Wednesday to beat its record set two weeks ago. The E-mini Nasdaq rallied even more – 2% – to set its own all-time high.

Energies:

Crude oil futures rose for the second straight day today, bouncing back from four-month lows after the decision by OPEC+ to increase production triggered a selloff this week.

If you are a day trader, below 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 for the next trading session.

Questions? We are happy to help!

Daily Levels for June 7th, 2024

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

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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.

Cannon Futures Weekly Letter Issue # 1193

•  Important Notices – Trading Challenge, CPI, PPI
• Futures 101 – NEW Podcast on Futures Spreads
• Hot Market of the Week – July Cotton
• Broker’s Trading System of the Week – Gold Swing System
• Trading Levels for Next Week
• Trading Reports for Next Week

Important Notices – Next Week Highlights:

• Commodity Trading Challenge! Starting this Sunday! $2500 first prize! Register now.
• A number of fed speakers throughout the week
• Tues. Fed Chair Powell at the annual Foreign Bankers Assoc. roundtable 9a.m. Central
• Heavy Data week, T-PPI pre-open, W-CPI, Retail Sales pre-open, Th- Housing starts, Jobless Claims pre-open, Capacity utilization
• Earnings headliners: Walmart, Tencent, Home Depot, Cisco, Applied Materials.

• • Hot Market of the Week – July Cotton
  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.
  FREE TRIAL AVAILABLE
  July Cotton
  The break in July cotton satisfied its second downside PriceCount objective and now the chart is correcting. From there, IF you can resume the slide with new sustained lows, the third count would project a possible run to the 65.17 area.
  PriceCounts – Not about where we’ve been, but where we might be going next!

Would you like to receive daily support & resistance levels?

Yes Select

No Select

Daily Levels for May 13th 2024

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

* 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.