With over 500 companies reporting earnings this week it is near the end of the reporting season. The market will focus Wednesday on the elephant in the room, Nvidia (NVDA Nasdaq).
The boom in Nvidia’s AI-focused business has increased more than 200% year to date, giving it a $1.1 trillion market valuation. Watch for the NQU23 to dance around in a range until AFTER Wednesday’s cash market close.
EPA Estimates are +$2.07 . future guidance will be big for the “internet Index” as AI has been leading the way and Nvidia is the leading GPU maker in the space.
BUT WAIT! that’s not all for the week, it’s time for the Annual “Jackson Hole” conference, a 3 day meeting of top bankers and the FED.
Friday morning @ 10:00am CDT Jerome Powell will set the tone with a speech that could provide a case for the Feds next Fed Rate decision September 20-21st. This is an important meeting next month as it also sets projections by the FED members for GDP, Unemployment rate, Inflation for each year 2023,2024 and 2025.
Watch for increased volatility in the stock indices the last half of the week!
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 when it comes to Futures Trading.
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.
Trading Resource of the Week – Trading Key Economic reports
Hot Market of the Week – September Crude Oil
Broker’s Trading System of the Week – NQ Day Trading System
Trading Levels for Next Week
Trading Reports for Next Week
Trading Resource of the Week – Trading Key Economic Reports
As a trader, you will come across many factors that you must consider before entering or exiting the markets. Some of the most important aspects to look for are economic events that can move the markets drastically one way or another.
There are many types of economic events including releases by a governing body, changes in sales or consumption of commodities, and increases in supply and demand. All of these can affect the markets you trade, making it important for you to know how and when these changes are happening.
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.
September Crude Oil completed it’s first upside PriceCount objective and had a brief break. At this point, if the market can maintain the bullish tone, the next upside PriceCount objective comes at 89.31
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.
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
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.
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com
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 herein 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 judgment in trading.
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.
Rest of the Trading Week, by Mark O’Brien, Senior Broker
General:
The answer is: Germany, Denmark, Netherlands, Sweden, Norway, Switzerland, Luxembourg, Singapore and Australia.
The question is: name the remaining countries whose credit is rated AAA by all three ratings companies – S&P Global, Fitch and Moody’s – after Fitch downgraded the United States’ debt rating from its top-tier AAA, down to AA+.
Among the contributing factors leading to the downgrade, Fitch cited, “the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance . . . that has manifested in repeated debt limit standoffs and last-minute resolutions.”
Remember in 2011, even though at that time a debt-limit deal was reached, S&P Global lowered the U.S.’s credit rating from AAA down to AA+ and it has not recovered since.
Canada is rated AAA by two of the ratings companies.
Stock Indexes:
Probably not surprisingly, as of this typing, stock indexes reacted negatively to the ratings news with the E-mini Dow Jones losing more than 300 points, roughly a 2% haircut. The E-mini Nasdaq is off ±325 points, a similar 2% correction.
Energy:
As the stock market foundered, crude oil felt weak in the knees as well and by mid-session, the September contract had sold off $3.00 per barrel from its Sunday opening. This despite today’s EIA crude oil stocks report showing a 17 million barrel reduction in U.S. crude stocks; the largest drop in inventories since 1982.
Grains:
After trading within 13 cents of its April 2022 highs last week, November soybeans factored in an expected conga line of wet weather fronts moving broadly over the U.S. Midwest and sold off ±$1.00 down to ±$13.25/bushel, a $5,000 per contract move, the bulk of which comprised just three trading sessions. Estimates for this year’s crop are a virtual wild card given the approach of August, its most critical growing period, so expect volatile price movement throughout.
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 when it comes to Futures Trading.
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.
Trading Resource of the Week – Parabolics & Bollinger Bands
Hot Market of the Week – November Beans
Broker’s Trading System of the Week – NQ Day Trading System
Trading Levels for Next Week
Trading Reports for Next Week
Important Notices – FX Trading Contest
Participate in the upcoming Currency Cup: FX Trading Challenge where you’ll trade our suite of highly liquid benchmark FX contracts in a risk-free environment while competing against other traders for the chance to win cash prizes.
Learn how to trade FX futures and options
Through participation in our challenge, you’ll receive daily exclusive educational videos where you’ll learn about the key benefits of trading FX futures contracts.
This competition is open to residents in the United States (US), Canada (CA) excluding Quebec, *Brazil (BR), United Kingdom (UK), Germany (DE), Netherlands (NL), Switzerland (CH), United Arab Emirates (UAE), Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), Republic of Korea (KR), Taiwan (TW), and Japan (JP).
*Residents of Brazil must have a bank account in the United States to be eligible to receive a prize.
Trading Resource of the Week – Parabolics and Bollinger Band
By Ilan Levy-Mayer, VP
Watch video below on how you can utilize the Bollinger bands and parabolics studies in different ways.
Try a FREE demo of the platform used to show the charts in this educational article. The platform is FREE and has charts, news, DOM, T&S, Alerts, advanced order entry, options and MUCH MORE!
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.
November Beans Extended the rally above $14 when the chart is attacking overhead and the December High ($14.27 )and last Springs contract High ($14.48). New sustained highs above these levels would open the top side for a possible run to the low percentage fourth upside PriceCount objective near the 15.82 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.
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
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.
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com
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 herein 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 judgment in trading.
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.
Govt Reports, Earnings and the Fed Blackout period.
On the close of Business June 16th the S&P was at 4453.00, today we have a hi as of this writing, with 3.5 more hours to go in the session, of 4553.50 Up 100 points and of course, not in a straight line.
This does illustrate a continued bullish undertone. S&P + .022%, The NQ is up .035% and the broadest market index, the Russell index, the winner over this time period, up .041% .
This brings us to a number of questions: can the rally that begin in March continue through the summer? What factors is the market watching for clues and direction?
This week the most meaningful economic numbers to be released should be the June data on retail and food services sales at 7:30am CT on Tuesday. Inflation expectations are overall well-anchored, if at levels a bit above where they were before the current episode began in 2021.
Earnings season has arrived. Last week the JPM and C released their numbers, This week the Regional Banks will start reporting results in addition to B of A, Morgan Stanley and Goldman Sachs, the Tech and consumer stocks the market will be very interested with are Tesla and Netflix. United Airlines reports as well.
Expectations are certainly muted from a year ago, and the lowered expectations have already been inserted on the game board by most analysts and ratings firms. Therefore, any good news should have a positive impact on the indices continued grind higher.
Of note this week is the Fed Black out period in advance of the July 25-26 meeting where traders are currently expecting another .25 rate hike after the last sessions pause.
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 when it comes to Futures Trading.
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.
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
