Futures Market 101, March Heating Oil, Levels, Reports; Your 4 Important Can’t-Miss Need-To-Knows for Trading Futures on February 4th, 2026

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Futures Markets Data 101

By John Thorpe, Senior Broker

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— April (#GC)

4565.90 4769.50 4893.80 5097.40 5221.70

Silver (SI)

— Mar. (#SI)

74.31 79.71 84.40 89.80 94.49

Crude Oil (CL)

— Mar. (#CL)

60.04 62.04 63.13 65.13 66.22

 Mar. Bonds (ZB)

— Mar. (#ZB)

114 1/32 114 12/32 114 19/32 114 30/32 115 5/32

futures market

A good working schedule by exchange family and typical non‑pro screen fees.

Uncovering Monthly Real-Time Market Data Fees for the retail trader

CME Non-Professional Monthly Fees

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The Clearing Firms do collect a usury fee and charge a little more.

For StoneX

NON- PRO Depth of Market         $13.00 per exchange

NON-PRO Bundle -All Exchanges $39.00

NON-PRO Top of Book                    $2.00 per exchange

NON-PRO Bundle Top of Book    $6.00

ICE US                                             $148.00

IronBeam

NON- PRO Depth of Market         $15.50 per exchange

NON-PRO Bundle -All Exchanges $41.00

NON-PRO Top of Book                     $3.00 per exchange

NON-PRO Bundle Top of Book       $9.00

ICE US                                                   $148.00

 

Here is a quick video detailing the difference between level 1 and level 2 data.

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Introducing Cannon Edge — Your Daily Futures Snapshot

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 CQQ.

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March Heating Oil

March heating oil satisfied its third upside PriceCount objective and is correcting lower. At this point, IF the chart can sustain further upside, we are left with a low percentage fourth count to aim for in the 3.23 area.

FREE TRIAL AVAILABLE

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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.

Daily Levels for February 4th, 2026

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Want to feature our updated trading levels on your website? Simply paste a small code, and they’ll update automatically every day! Click here for quick and easy instructions.

Economic Reports

provided by: ForexFactory.com

All times are Central Time ( Chicago)

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Find us on Trustpilot

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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.

Join our Private Facebook group

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Listen to our podcast: Subscribe on AppleSpotify, Amazon

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Triple Lever Stimulus PLUS: Weekly Copper, Levels, Reports; Your 4 Important Can’t-Miss Need-To-Knows for Trading Futures on January 22nd, 2026

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2026 is Underway – What’s Ahead?

By Gal Levy, Broker

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4691.53 4759.97 4825.53 4893.97 4959.53

Silver (SI)

— Mar. (#SI)

87.36 89.96 92.74 95.34 98.12

Crude Oil (CL)

— Feb (#CL)

58.59 59.61 60.26 61.29 61.93

 Mar. Bonds (ZB)

— Mar (#ZB)

113 18/32 114 7/32 114 22/32 115 11/32 115 26/32

The “Triple Lever” Stimulus and Economic Resilience from:

www.galtrades.com

triple lever

Historically, new Federal Reserve chairs face an early “test” from the market. Data over the last century suggests that these transitions often coincide with a market correction averaging 15%. While past performance is never a guarantee of future results, it remains a significant historical trend for investors to consider.

The Coordination of Economic Levers

Washington influences growth through three primary levers: fiscal policy (taxes and spending), monetary policy (interest rates), and credit policy (ease of borrowing). Historically, these functioned independently and were often uncoordinated:

  • Fiscal policy followed congressional     cycles.
  • Monetary policy was the domain of an     independent Fed.
  • Credit policy was often the result of     disjointed regulatory decisions.

This year marks a shift. All three levers are currently dialed toward stimulus, reflecting a unified focus by the administration and Congress on accelerating growth ahead of the November midterms.

Analysis from Jan Hatzius (Goldman Sachs)

On a recent Exchanges at Goldman Sachs podcast, Jan Hatzius noted several tailwinds for the U.S. economy:

  • Trade: Tariffs are no longer acting as a     primary drag.
  • Consumer Support: Tax cuts and strong     refunds are bolstering household spending.
  • Business Investment: Firms can now fully     depreciate equipment and plants, providing significant “physical     help” to the business sector.
  • Monetary Policy: Easing conditions are     expected to support a steady growth pace.

Hatzius does not anticipate a meaningful tightening in the labor market. However, he cautioned that a 0.5% increase in the unemployment rate is a historically reliable (though not guaranteed) indicator of an impending recession.

Corporate Health and Sectoral Trends

While GDP remains strong, the National Income and Product Accounts (NIPA) profit report—which covers a broader range of companies than just those on the S&P 500—paints a more nuanced picture. Earnings growth there has been anemic:

  • H1 2025: Growth was in negative territory.
  • Q3 2025: Growth marginally turned positive.
  • 2026 Outlook: Investors are waiting to see     if this recovery gains momentum.

Currently, investors are rotating into cyclicals, industrials, and materials. While manufacturing has faced a “sectoral recession” (as evidenced by the ISM Manufacturing Index), the broader economy’s strength relies on a resilient labor market and robust consumer spending.

Key Indicators to Watch This Week

To gauge the trajectory of the economy and the impact of current policies, the following data points are critical:

  1. Jobs Report: Looking beyond the headline     numbers for the “fine print” on labor participation and wage     growth.
  2. Productivity Data: A key measure of     long-term economic health.
  3. Import/Export Prices: Serving as a proxy     for the ongoing effects of tariff policies.
  4. J.P. Morgan Healthcare Conference: Often a     catalyst for movement in the biotech and pharma sectors.

If the cost of capital continues to decrease, we can expect a significant boost in the housing and automotive sectors, further stabilizing the current expansion.

FUTURES:

1. Equity Futures: S&P 500 (ES) & Nasdaq 100 (NQ)

  • Fundamental: Investors are pricing in a     “perfect growth scenario” driven by the coordination of fiscal     and credit stimulus. However, the NIPA profit report shows that     while public tech giants are thriving, the broader economy’s earnings are     anemic, creating a divergence between the “headline” and the     “foundation.”
  • Technical: The S&P 500 futures recently     tested psychological resistance near 7,000.
  • Support: Immediate support sits at 6,885.      A break below 6,730 would signal a “lower low,”      potentially confirming the 15% historical “New Fed Chair”      correction you mentioned.
  • Resistance: Bulls are pushing for a      sustained break above 7,000 to extend the rally.

2. Interest Rate Futures: 10-Year Treasury Note (ZN)

  • Fundamental: The “Fed Test” is     most visible here. The 10-year yield has jumped to 4.29% (the     highest since August), reflecting market skepticism about the Fed’s     ability to cut rates further while the White House pushes for aggressive     stimulus.
  • Technical: Ultra 10-year futures are     trading in a tight range near 114’085.
  • The Play: Traders are watching the 114.75      level; a failure to hold here suggests that bond markets expect      “higher for longer” rates despite political pressure for      easing.

3. Energy Futures: WTI Crude Oil (CL)

  • Fundamental: Oil is under pressure due to a     projected supply surplus of nearly 4 million barrels per day by the     IEA. While geopolitical risks (like the “Venezuela Shock”)     provide temporary spikes, the fundamental “glut” is the dominant     narrative.
  • Technical: Crude is currently in a bearish     descending channel that began in late 2025.
  • Key Level: It is struggling to hold the $60.00      barrier. A confirmed close below $55.00 opens the door for a slide      toward $49.00, which aligns with a 160-year historical trendline.

4. Metals Futures: Gold (GC)

  • Fundamental: Gold is the star performer of     2026 so far, acting as a hedge against “monetary instability”     and concerns over Federal Reserve independence. Central banks (China,     India, Turkey) continue to be aggressive buyers.
  • Technical: Gold recently smashed through     the $4,550 level.
  • Outlook: It is currently      “overbought” but lacks bearish divergence. Analysts are      targeting the 161.8% Fibonacci extension at $4,712 for the      remainder of Q1.

OUTLOOK:

Fundamental: overall I think the equity market is overbought in the short term. The SPX broke the 50 DMA and closed below the average. In past corrections the 50 DMA was a buying signal, it will be interesting to see how this plays out this time around.

Europe has been lowering short term rates for a while and the long term rates have gone up, will that scenario play out in the US markets as well?

Trading commodity futures, Stocks, ETF, Bonds, Options and any other financial derivative involves a substantial risk of loss.

The information here is of opinion only and do not guarantee any profits. Past performances are not necessarily indicative of future results.

S

Introducing Cannon Edge — Your Daily Futures Snapshot

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 CQQ.

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Weekly Copper

Copper prices have tripled since making a bottom in early 2016. Now, the weekly chart is taking aim at its third upside PriceCount objective to the 6.69 area where it would be normal to get a reaction in the form of a consolidation or corrective trade, at least. The low percentage fourth count to the 11.59 area is not shown here for presentation purposes.

FREE TRIAL AVAILABLE

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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.

Daily Levels for January 22nd, 2026

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Want to feature our updated trading levels on your website? Simply paste a small code, and they’ll update automatically every day! Click here for quick and easy instructions.

Economic Reports

provided by: ForexFactory.com

All times are Central Time ( Chicago)

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Find us on Trustpilot

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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.

Join our Private Facebook group

Subscribe to our YouTube Channel

Listen to our podcast: Subscribe on AppleSpotify, Amazon

or wherever you listen to podcasts!

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MLK Day Monday, Core PCE, March Cocoa, Energies, Levels, Reports; Your 6 Important Can’t-Miss Need-To-Knows for Trading Futures on January 19th, 2026

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Cannon Futures Weekly Letter

In Today’s Issue #1274

  • The Week Ahead – MLK Trading Hours, Core PCE, Energy Numbers on Thursday

  • Futures 101 – XRP, Solana, 1 ounce Gold & More are Now Available on CannonX

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

  • Hot Market of the Week – March Cocoa

  • Broker’s Trading System of the Week – NQ Day Trading System 

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

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4497.70 4542.70 4584.10 4629.10 4670.50

Silver (SI)

— Mar. (#SI)

83.39 86.28 89.46 92.35 95.54

Crude Oil (CL)

— Feb (#CL)

58.14 58.72 59.38 59.96 60.62

 Mar. Bonds (ZB)

— Mar (#ZB)

114 27/32 115 5/32 115 23/32 116 1/32 116 19/32

Important Notices: The Week Ahead

By John Thorpe, Senior Broker

 

MLK Holiday Schedule Monday, Earnings season goes full swing, Nat Gas and Crude stocks numbers out on Thursday this week.

We’ll see you next week! Please enjoy a safe and memorable weekend.

Earnings Next Week:

·        Mon. Quiet

·        Tue. Financials all week, Banks, Brokerages. 3M,Netfilx, United Airlines

·        Wed. Haliburton, J&J,  Banks and Brokerages,

·        Thu. P&G, Alcoa, Intel

·        Fri.  Quiet

FED SPEECHES: (all times CST)

·        Mon.  Fed

·        Tues.  Blackout

·        Wed. Period

·        Thu. None

·        Fri.  None

Econ Data: (all times CST)

·        Mon. None during MLK day

·        Tue. ADP Weekly

·        Wed. Redbook, Pending Home Sales, 20yr bond auction

·        Thu. Core PCE, Nat Gas and Crude numbers, Fed Balance sheet

·        Fri. S&P PMI, Mich. Consumer Sentiment

MLK Hours below – click Image for Larger Display

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Review below some Crypto contracts and new gold contracts!

Name Exchange Class Exchange Symbol CannonX Symbol Liquidity
1-oz. Gold CME 1 Troy Ounce 1OZ M1OZ Very liquid: 10’s of thousands of contracts per day
10-oz. Gold CME 10 Troy Ounces MGC MGC Extremely liquid: 100’s of thousands of contracts per day
XRP CME 50,000 XRP XRP GXRP Illiquid: less than 1000 contracts per day
Micro XRP CME 2,500 XRP MXP GMXP Moderately liquid: 1,000-5,000 contracts per day
XRP CoinBase 10,000 XRP XRP XRL Looks extremely liquid: CoinBase XRP Price Page
Solana CME 500 SOL SOL SLC Moderately liquid: 1,000-5,000 contracts per day: CME Solana Vol. & Open Int.
Micro Solana CME 25 SOL MSL Moderately liquid: 1,000-5,000 contracts per day: CME Micro Solana Vol. & Open Int.

Introducing Cannon Edge — Your Daily Futures Snapshot

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 CQQ.

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Hot Market of the Week

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

March Cocoa

March Cocoa resumed its break into a new low which formally negated the remaining unmet upside counts established ono the recovery. The chart is approaching its low percentage fourth downside count to the 4680 area which suggests we could be in the final stretch of this phase of the bear move.

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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.

Brokers Trading System of the Week

Abacus Raider Xtreme Trading System

Market Sector: indices

Markets Traded:   NQ- Mini NQ

System Type: Day Trading

Risk per Trade: varies

System Description: A day trading system currently traded by the developer who has 15+ years’ experience. It is based on the successful Abacus Raider NQ system but expanded significantly to generate an average of 15-25 trades a month. By utilising negative correlations between positions, a low level of capital requirement is retained but with greatly increased profit potential over time. All trades are strictly limited to a duration of only a few minutes to minimise risk and provide an unparalleled risk/reward profile. The system is available in the NQ market only (no MNQ).

Broker’s Suggested Capital: $11,000

Developer Fee per contract: $175.00 Monthly Subscription

Get Started

Learn More

2025 summary below:

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Disclaimer The risk of trading can be substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance is not necessarily indicative of future results.

System Trades Disclosure:

System Description

“System Description” is based upon information obtained from specific system marketing documents, system developers and/or system vendors themselves. While the information is believed to be reliable, we cannot guarantee its completeness or accuracy.

Actual Monthly Performance

The table and charts represent the monthly/quarterly/annual summation of actual trades based on system-specified contract(s) executed through Striker Securities, Inc. using the referenced trading system or system vendor for the stated time period. Commissions and monthly vendor fees are deducted from the tabulation. Results are based on 1 contract.

If a client trades 2 contracts his gain or loss is twice as displayed (and so on). This table is presented for information purposes only and is not a solicitation for the referenced system or vendor. The purpose of this information is for clients to compare their brokerage statements to what is displayed on Striker’s site. Striker as a matter of policy has no ownership with the referenced system or vendor or any other trading system or vendor.

Past trade history may not be indicative of future results. The results indicated here may or may not be typical of the performance of this system and, ALTHOUGH WE BELIEVE THIS INFORMATION TO BE ACCURATE, CANNON TRADING COMPANY MAKES NO ENDORSEMENT OF THIS OR ANY SYSTEM NOR WARRANTS ITS PERFORMANCE. This is not the only trading system that Striker executes for its clients. Potential traders should carefully investigate, evaluate and compare trading systems before investing capital. Some or all trading systems may involve an inappropriate level of risk for potential traders.

It is the nature of commodity trading that where there is the opportunity for profit, there is also the risk of loss. In opening an account through CANNON TRADING COMPANY, Customer acknowledges and agrees that he/she will rely solely upon the information that CANNON TRADING COMPANYprovides to you. Thus, all prior third-party materials provided are superseded by the information and disclosures provided by CANNON TRADING COMPANY.

Important Information About this Trading System Analysis

Statistics, tables, charts and other information on trading system monthly performance are based on actual trading unless otherwise specified. Actual dollar and percentage gains/losses experienced by investors would depend on many factors not accounted for in these statistics, including, but not limited to, starting account balances, market behavior, developer fees, incidence of split fills and other variations in order execution, and the duration and extent of individual investor participation in the specified system.

While the information and statistics given are believed to be complete and accurate we cannot guarantee their completeness or accuracy as they results are key punched and subject to human error. Performance information is not the performance of a single account, but a compilation of several accounts over time, and is based on the physical trading ticket.

THIS INFORMATION IS PROVIDED FOR EDUCATIONAL/ INFORMATIONAL PURPOSES ONLY AND USED BY CURRENT CLIENTS TO AUDIT THEIR STATEMENTS TO STRIKER SITE. These results are not indicative of, and have no bearing on, any individual results that may be attained by the trading system in the future.

This trading system, like any other, may involve an inappropriate level of risk for prospective investors.

THE RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS CAN BE SUBSTANTIAL AND MAY NOT BE SUITABLE FOR ALL INVESTORS.

Prior to purchasing or leasing a trading system from this or any other system vendor or investing in a trading system with a registered commodity trading representative, investors need to carefully consider whether such trading is suitable for them in light of their own specific financial condition. In some cases, futures accounts are subject to substantial charges for commission, management, incentive or advisory fees.

It may be necessary for accounts subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. In addition, one should carefully study the accompanying prospectus, account forms, disclosure documents and/or risk disclosure statements required by the CFTC or NFA, which are provided directly by the system vendor and/or CTA’s.

The information contained in this report is provided with the objective of “standardizing” trading systems measurements, and it is intended for educational /informational purposes only. All information is offered with the understanding that an investor considering purchasing or leasing a system must carry out his/her own research and due diligence in deciding whether to purchase or lease any trading system noted within or without this report.

This report does not constitute a solicitation to purchase or invest in any trading system which may be mentioned herein. CANNON TRADING COMPANY AND STRIKER SECURITES, INC. MAKES NO ENDORSEMENT OF THIS OR ANY OTHER TRADING SYSTEM NOR WARRANTS ITS PERFORMANCE. THIS IS NOT A SOLICITATION TO PURCHASE OR SUBSCRIBE TO ANY TRADING SYSTEM.

Futures Trading Disclaimer:

Transactions in securities futures, commodity and index futures and options on futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, meaning that transactions are heavily “leveraged”. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you.

You may sustain a total loss of initial margin funds and any additional funds deposited with the clearing firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.

Would you like to get weekly updates on real-time, results of systems mentioned above?

Daily Levels for Jan. 19th, 2026

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Would you like to receive daily support & resistance levels?

Trading Reports for Next Week

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

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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.

Join our Private Facebook group

Subscribe to our YouTube Channel

Listen to our podcast: Subscribe on AppleSpotify, Amazon

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MLK 2026 Trading Schedule! Markets, hours, products, and more! 1/16 – 1/20!

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MLK (Martin Luther King) Day Trading Schedule 2026

mlk

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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.

Join our Private Facebook group

Subscribe to our YouTube Channel

Listen to our podcast: Subscribe on AppleSpotify, Amazon

or wherever you listen to podcasts!

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Cannon Trading Co., Inc.

12100 Wilshire Blvd.

Suite 1640

Los Angeles, CA 90025 US

New Year = New Trading, Japanese Yen, RIP Jerry Lee Toepke, Levels, Reports; Your 5 Important Can’t-Miss Need-To-Knows before Trading Futures on December 31st, 2025

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The Last Trading Day of 2025 before the New Year!

By Mark O’Brien, Senior Broker

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4291.50 4325.90 4373.20 4407.60 4454.90

Silver (SI)

— Mar. (#SI)

67.53 71.78 74.92 79.17 82.32

Crude Oil (CL)

— Jan (#CL)

57.14 57.54 58.01 58.41 58.88

 Mar. Bonds (ZB)

— Mar (#ZB)

115 8/32 115 18/32 115 27/32 116 5/32 116 14/32

Bullet Points, Highlights, Announcements

new year

General:

We at Cannon Trading Co., wish you all a healthy, safe and prosperous new year.

Important:

For tomorrow, New Year’s Eve, all markets will be observing regular trading hours. There will be no early closing times.

For New Year’s day, all markets will open at their regular times and close at their regular times.

More general:

If the coming year looks anything like the last – or the year before it – volatility in the futures markets will remain ingrained and often extreme. Some markets set all-time highs for their trade price this year or in late 2024:

·      Orange juice (Sept. 2024)

·      Cattle (Aug. 2025)

·      Cocoa (Dec. 2024)

·      Coffee (Feb. 2025)

·      Copper (July 2025)

·      Bitcoin (Oct. 2025)

·      Stock indexes: S&P 500, Nasdaq, Dow Jones, Russell 2000 (variably in Q-4 2025)

·      Gold, silver and platinum: this week!

Others are near historic, seasonal or long-term lows:

·      Natural gas

·      Soybeans, corn and wheat

·      Sugar

Japanese yen

On the last trading day of the year, futures markets often see a unique mix of light liquidity and sharp, order‑driven moves as traders square positions, roll contracts, or manage exposure ahead of expiration cycles. With many contracts approaching settlement windows and delivery considerations still in play, price action can become more technical and less fundamentally driven. It’s a day where disciplined risk management matters: thinner books can exaggerate moves, spreads may widen, and even routine hedging flows can create outsized volatility. For many traders, the focus shifts from seeking new opportunities to tightening risk, cleaning up books, and positioning smartly for the fresh trading year ahead.

Remembrance:

Back in May the trading community lost a gent with one of the most distinguished careers in commodities. Jerry Lee Toepke (tep-key) passed away on May 20, 2025, in Cottage Grove, Oregon. He was 75.

For over 40 years, Jerry’s expertise was widely recognized, leading him to speak at numerous conferences, seminars, and futures exchange functions. In recent years, he co-authored a book providing guidance on profitable spreads in the futures market and served as an editor for Moore Research Center‘s monthly report and various special publications. Jerry was a proud member of the Chicago Board of Trade and the National Futures Association.

Jerry graduated from Pekin High School, about an hour from Bloomington, Illinois, where he was born. He attended Northwestern University in the Chicago area, where he laid the groundwork for his remarkable career. Jerry’s kindness, warmth, wisdom, and unwavering dedication to his family and career will be deeply missed by all who knew him.

Modified Trading Hours for New Years below.

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New Years Trading, FOMC Minutes, Levels, Reports; Your 4 Important Can’t-Miss Need-To-Knows for Trading Futures the Week of December 29th, 2025

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Happy Holidays and Trading on the last week of 2025!

By John Thorpe, Senior Broker

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4488.83 4525.67 4554.83 4591.67 4620.83

Silver (SI)

— Mar. (#SI)

70.58 74.69 76.84 80.95 83.10

Crude Oil (CL)

— Jan (#CL)

55.25 56.08 57.48 58.31 59.71

 Mar. Bonds (ZB)

— Mar (#ZB)

115 1/32 115 10/32 115 22/32 115 31/32 116 11/32

 New Years Holiday Schedule, FOMC Minutes and no stocks report earnings.

new year

·        3 full trading days left in 2025 to capitalize on!

·        4 trading days in the week (all markets are closed Thursday, New Years Day)

·        Tuesday FOMC Minutes released from the December meeting. 1 PM CST

We’ll see you next week! Please enjoy a safe and memorable weekend.

Earnings Next Week:

·        Mon. Quiet

·        Tue. Quiet

·        Wed. Quiet

·        Thu.  Happy New Year!

·        Fri.   Quiet

FED SPEECHES: (all times CST)

·        Mon.  None

·        Tues.   None

·        Wed. None

·        Thu.  None

·        Fri.   None

Econ Data: (all times CST)

·        Mon. Retail and Housing Data with Dallas fed sprinkled in

·        Tue. Redbook, More housing data and FOMC Minutes

·        Wed. Jobless numbers, Chitown PMI and EIA Crude numbers

·        Thu. Happy New Year!

·        Fri. PMI Final, Fed Balance sheet, All Markets open regular hours.

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Christmas S&P 500 Trends, Santa Claus Rally Basics, July – Nov Bean Spread, Christmas Trading Schedule, Levels, Reports; Your 5 Important Can’t-Miss Need-To-Knows for Trading Futures on December 24th, 2025

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The Metals are on fire! Are the equities as we close out 2025??

By John Thorpe, Senior Broker

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4429.60 4474.60 4502.70 4547.70 4575.80

Silver (SI)

— Mar. (#SI)

67.64 69.63 70.71 72.70 73.78

Crude Oil (CL)

— Jan (#CL)

57.47 57.98 58.24 58.75 59.01

 Mar. Bonds (ZB)

— Mar (#ZB)

114 12/32 114 27/32 115 8/32 115 23/32 116 4/32

 Historically the S&P 500 tends to drift higher between Christmas and New Year’s, but the edge is modest and far from guaranteed in any single year.​

christmas

Santa Claus rally basics

  • The classic “Santa Claus rally” window is the last five trading days of December and the first two trading days of January.​
  • Since 1950, the S&P 500 has averaged about a 1.3% gain over these seven sessions and has been positive roughly 75–80% of the time, meaning up years are more common than down years.​

Behavior in the Christmas–New Year gap

  • Within that seven‑day window, returns are often front‑loaded: strength tends to cluster from just before Christmas through the first couple of days of January, with lower volume and smaller ranges in the very last week of the year.​
  • The week after Christmas typically shows lighter institutional participation and more sideways or gently rising trade, so the “edge” is there but not dramatically stronger than the full seven‑day average.​

How reliable is it?

  • Across decades, the pattern is statistically positive on average, but variability is high and individual years can diverge sharply; for example, 2024–25 saw a “reverse” Santa Claus period where the S&P 500 sold off every business day between Christmas and New Year’s, an historical first.​
  • Studies of daily returns around New Year’s show abnormal strength from about five days before through two days after New Year’s Day, followed by a fade, suggesting any edge is short term and easily overwhelmed by macro or event risk.​

Possible drivers

  • Common explanations include holiday optimism, year‑end fund inflows, tax‑loss harvesting and repositioning, and fewer large institutional orders which can reduce selling pressure.​
  • Because these are behavioral and flows‑driven effects rather than structural rules, they should be treated as a weak tendency rather than a tradable guarantee.​
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Christmas (Dec 25) Holiday Trading Schedule:

Grains

Wednesday – 12:05 PM CT Close

Thursday – Closed

Friday – 8:30 AM CT Open

Livestock

Wednesday – 12:15 PM CT Close

Thursday – Closed

Friday – 8:30 AM CT Open

Interest Rates

Wednesday – 12:15 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

Equities

Wednesday – 12:15 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

Energy

Wednesday – 12:45 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

FX

Wednesday – 12:45 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

Metals

Wednesday – 12:45 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

Cryptocurrencies

Wednesday – 12:45 PM CT Close

Thursday – Closed

5:00 PM CT Open

Friday – Regular Hours

Cocoa, Coffee, Cotton, FCOJ, Sugar

Thursday – Closed

Canola

Thursday – Closed

U.S. Dollar Index

Thursday – Closed

July – Nov Bean Spread

Sometimes referred to as “the widow maker”, the July – Nov soybean spread completed the second downside PriceCount objective to 13.5 and has consolidated with a sideways trade. At this point, IF the chart can resume its break with new sustained lows it first has to contend with the contract lows near 5.0, while the third count would project a potential break to the -5.25 area.

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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.

Daily Levels for Dec. 24th, 2025

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All times are Central Time ( Chicago)

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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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Happy Holidays from us to you! Weekly Chinese Renminbi, Levels, Reports; Your 4 Important Can’t-Miss Need-To-Knows for Trading Futures on December 23rd, 2025

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At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4329.73 4401.37 4439.53 4511.17 4549.33

Silver (SI)

— Mar. (#SI)

66.57 67.73 68.63 69.78 70.68

Crude Oil (CL)

— Jan (#CL)

56.04 57.01 57.57 58.54 59.10

 Mar. Bonds (ZB)

— Mar (#ZB)

114 25/32 115 115 5/32 115 12/32 115 17/32

Holiday Wishes for Our Futures Community – Our Valued Clients and Prospects

holiday

Happy Holidays!

As we wrap up another eventful year in the markets, we want to take a moment to thank you—our readers, traders, and fellow market explorers—for being part of this journey. The futures markets have taught us all valuable lessons in patience, resilience, and forward thinking, and it’s those same traits that shine brightest during the holiday season.

Just as every trade begins with a vision for the future, may this season bring you time to reflect, recharge, and set your sights on new opportunities ahead. Whether your charts are full of long-term trends or quick moves, we hope your days are filled with balance, warmth, and a touch of prosperity.

From all of us here, we wish you peace, joy, and strong signals in the year to come. Here’s to trading smart, staying curious, and keeping your outlook bright—today and always.

Happy Holidays and a successful New Year!

View Holiday Hours HERE

✅ Schedule a one on one No Obligation Broker Consultation

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Weekly Chinese Renminbi

The weekly Chinese Renminbi activated upside PriceCount objectives this summer and now, the chart is approaching the second count to the .14299 area. Strength in the renminbi futures represents a weakening currency. A weaker currency makes a country’s exports cheaper for foreigners, boosting sales, but makes imports more expensive for domestic consumers.

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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.

Daily Levels for Dec. 23rd, 2025

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Want to feature our updated trading levels on your website? Simply paste a small code, and they’ll update automatically every day! 

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Economic Reports

 U.S. government data may be impacted by the shutdown. ‘Tentative’ events are subject to delay, revision, or cancellation

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All times are Central Time ( Chicago)

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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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Christmas 2025 Trading Hours

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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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Triple Witching Friday, Automated Gold Algo Trading, Levels, Reports; Your 4 Important Need-To-Knows for Trading Futures on December 19th, 2025

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Markets Post December FOMC

By Ilan Levy-Mayer, VP

At-a-Glance Levels

Instrument S2 S1 Pivot R1 R2

Gold (GC)

— Feb(#GC)

4299.00 4331.50 4370.50 4403.00 4442.00

Silver (SI)

— Mar. (#SI)

63.46 64.40 65.61 66.55 67.76

Crude Oil (CL)

— Jan (#CL)

55.04 55.47 56.16 56.59 57.28

 Mar. Bonds (ZB)

— Mar (#ZB)

114 29/32 115 11/32 115 20/32 116 2/32 116 11/32

Triple Witching

What Futures Traders Need to Know for Tomorrow

Triple Witching

What Is Triple Witching?

Triple witching is a key event in the futures and options markets that occurs four times a year—on the third Friday of March, June, September, and December.

During this time, stock index futures, stock index options, and stock options all expire simultaneously, creating a unique trading environment that every futures trader should understand.

Why Does Triple Witching Matter?

This convergence of expirations can lead to significant market activity, impacting liquidity, volatility, and execution quality. Understanding these dynamics is crucial for traders who want to navigate this period effectively.

What Happens During Triple Witching?

  • Volume Surge: Trading activity often spikes as institutions roll over or close positions.
  • Increased Volatility: Expect sharp and unpredictable price swings, especially near the open and close.
  • Institutional Flows Dominate: Market behavior may deviate from typical technical patterns due to large institutional moves.

Implications for Futures Traders

  • High Liquidity—but High Risk: While there’s plenty of activity, slippage and wider spreads are common.
  • Execution Challenges: Rapid price changes can make order fills tricky.
  • Short-Term Noise: Unusual moves may not align with your usual indicators.
  • Important Note: The December contracts (e.g., ESZ25, MNQZ25) will stop trading at 8:30 AM Central Time and will cash settle based on a special settlement price that typically comes out closer to 9 AM Central.
  • Learn more here: CME Settlement Information.

Trading Recommendations for Triple Witching

  • Stay Disciplined: Avoid chasing moves; stick to your trading plan.
  • Use Limit Orders: Helps control slippage in fast-moving markets.
  • Reduce Position Size: Manage risk during volatile periods.

 

  • Consider Scalping or Staying Flat: Experienced traders may use short-term strategies; others may prefer sitting out.
  • Risk Warning: The last traded price or final traded price will rarely match the final settlement price. We do not recommend waiting for the final settlement. Exit any December positions prior to 8:30 AM Central tomorrow morning.

Bottom Line

Triple witching can present unique opportunities—but also significant risks. Preparation, discipline, and risk management are essential for success during this high-volatility period.

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Daily Levels for Dec. 19th, 2025

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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.

Join our Private Facebook group

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