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CPI numbers, Natural gas numbers, 30 year auction and more on a busy day tomorrow!  

Ask a Broker: What is Day Trading Futures? watch below!

November Crude Oil

November crude oil completed its first upside PriceCount objective to the $78 area and is correcting with a reversal trade. IF the chart can resume its rally with new sustained highs, the second count would project a possible run to the 82.76 area.

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 October 10, 2024

Economic Reports

provided by: ForexFactory.com

All times are Eastern Time ( New York)

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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.

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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.   #Equities, #Consolidation phase, #Interest rates, #Precious metals, #Gold, #Silver, #US Dollar, #Crude oil prices, #HurricaneHelene, #Middle East tensions, #Chinese stimulus, #Redbook US Retail Sales, #Case Schiller US Metro-Area Home Prices, #Richmond Fed Manufacturing Index, #Service Sector Index, #Consumer Confidence, #New Home Sales, #Micron Technology

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Listen to our Market Recap Podcasts on Apple Podcasts

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Movers and Shakers

By John Thorpe, Senior Broker

With Equities quietly trading in a consolidation phase since September 19th, Interest rates following, the precious metals ,once again surprised many traders with their mid-day selloff after last week’s Highest weekly Silver close since May of this year Silver down $1.30 or $6500.00 from yesterdays close per contract.

Gold lower by $33.00 @ 2634.00,

The US Dollar continuing to firm up after it’s end of Q3 Low, trading over 2 cents higher at 1.0227 ending it’s 2.5 month long slide after flirting with 14 month lows of 99.22. .

The Energy complex Dropping significantly today Crude off 4.25 %, the products off 3.5 to 4 %  as the menace that’s called Milton is racing East toward the Florida Gulf Coast,

Atlanta Fed Pres. Bostic was quoted “ Hurricanes have significant potential implications for US economy over the next couple quarters”

          So, with the Fed Funds, Interest rate markets and Equities range bound waiting for tomorrows FOMC Minutes @ 11:00 am CDT, and the looming Cat 5 potential Catastrophe, In addition to Heightened middle east tensions, Vigilance is the word and may be an opportunity to use options to enhance or protect your trading portfolio. Here is a fresh take by the EIA on short term price expectations in the winter months for the entire energy complex, freshly produced today! Take a look!.  https://www.eia.gov/outlooks/steo/report/perspectives/2024/10-winterfuels/article.php

 FOMC Minutes tomorrow as well as Crude Oil Inventories

Daily Levels for October 9, 2024

Economic Reports

provided by: ForexFactory.com

All times are Eastern Time ( New York)

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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.   #Equities, #Consolidation phase, #Interest rates, #Precious metals, #Gold, #Silver, #US Dollar, #Crude oil prices, #HurricaneHelene, #Middle East tensions, #Chinese stimulus, #Redbook US Retail Sales, #Case Schiller US Metro-Area Home Prices, #Richmond Fed Manufacturing Index, #Service Sector Index, #Consumer Confidence, #New Home Sales, #Micron Technology

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Listen to our Market Recap Podcasts on Apple Podcasts

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Market is going up but so is the 10-year yield

7 October 2024

By GalTrades.com

Market is going up but so is the 10-year yield***

Advancing shares outnumbered declining ones by three-to-one this week through midday Friday, and seven of 11 S&Psectors trade with 80% or more of their components above their 50-day moving averages. This wide breadth indicates the cyclical trade into sectors beyond mega caps remains intact and markets aren’t moving toward defensive trades at the equity level.

On a technical basis, the SPXheld it’s ground this week above the prior all-time closing high from July despite geopolitical uncertainty . The uptrend remains intact, and the bulls still appear to be in control. 

Less bullish note, the SPX now trades at a nearly 22 price-to-earnings (P/E) ratio, historically high. This might damper investor enthusiasm for now, though solid earnings growth could help ease valuations.

Unfortunately for anyone banking on improved earnings growth, analysts keep backing up the truck. The average third quarter S&P 500 earnings per share estimate slipped to 4.2% today from 4.6% a week ago, according to research firm FactSet. That’s down from 7.8% at the end of June. 

The FED is easing, and the path of least resistance is intact. The S&P 500 is less than 1% below all-time highs, following September’s strong Nonfarm Payrolls report. 

Federal Reserve Chair Jerome Powell said, the U.S. economy is in solid shape and the Federal Reserve intends to keep it that way, Consumer household debt is very high. If the economy performs as expected, that would mean a total of 50 basis points of cuts for the remainder of this year, Powell said.

Stronger-than-expected September jobs data by the Bureau of Labor Statistics on Friday added fuel to arguments in favor of a soft landing, inflation closing in on the Federal Reserve’s 2% target. A gain of 254,000 nonfarm jobs last month paired with easing unemployment, it signals that the labor market remains on solid footing. And should help reduce calls for another big rate cut. Fed officials, however, will also have a couple more inflation readings to review before the meeting, as well as weekly jobless claims data and consumer spending updates. All of that could shift the economic outlook in the coming weeks.

The market now expects 25-basis-point interest rate cuts at the Fed’s November and December meetings following September’s 50-basis-point cut. That would equal 100 basis points, or 1 percentage point, worth of rate cuts before year-end. measured, methodical rate cuts. The U.S. economy is based on services, and we want consumers to stay robust as the Fed brings borrowing costs down. 

Friday’s jump in the 10-year Treasury yield on the jobs report. Home loans loosely follow the 10-year and rates on a 30-year fixed jumped Friday morning to 6.53%, according to Mortgage News Daily.

While the port strike ended, labor strikes have become more common, which likely translates into higher wages (wage gains from Fridays nonfarm payrolls report were +0.4% vs. +0.3% expected. For now, inflation data has been trending toward the Fed’s target. 

Analysts are saying this is Goldilocks scenario for the markets. Others are saying we might see some upside for inflation, crude prices are up 10% due to Middle East tensions. Wage inflation can play a role. The election can be a risk. But good news is good news. The positive forces should propel the market higher. 

Any money manager that’s been bearish this year is behind the index if they were in cash and now, they have to jump in. Who wants to sell now and have tax gains. Nine months into the year and we’re up 20%. plus, money that comes out of the declining money-market funds and expiring U.S. government bonds should make its way into equities, 

NOTE: The commodities futures trader report last week shows that large speculators and leveraged funds have the largest net short position in the 10 year treasury futures. they see long term interest rate going up. 

Why aren’t small caps rallying? Small caps and value trade together and value started to outperform growth, perhaps small caps will play catch up. typically, you see small caps outperform a year after the first cut. 

Next week we’ve got several potential market moving catalysts, highlighted by monthly Inflation data: The September consumer price index (CPI) report is out Thursday. Economists are expecting a 2.2% year-over-year increase at the headline level, and a 3.1% year-over-year increase at the core level, which strips out volatile food and energy prices. watch the CPI’s shelter index, which has been a key underlying source of overall inflation. slowing of year-over-year price increases in shelter would be welcome.September producer price index (PPI) is out Friday. While the Fed is more concerned about consumer prices, the PPI is still important because if wholesale prices go up more than expected it might mean higher retail prices down the line as companies look to protect their margins. These inflation numbers will certainly figure into the Fed’s calculations concerning future rate cuts.

We also have the Robotaxi event for Tesla and Advanced Micro Devices holds an important artificial intelligence event.

Look out for next Friday’s big bank earnings reports (JPM, WFC, BK).

FactSet is currently forecasting Q3 earnings growth for the S&P 500 to be up a healthy 4.6%, down from the 7.8% at the start of the quarter.

Sectors worth watching; tech, cyclical, Housing, cybersecurity, aviation, power & grid. 

Summary: The intermediate technicals are bullish, but near-term price action has been choppy to sideways over the past few weeks. Geopolitical risk remains high, and the Fed may not be as accommodative as previously expected, the stronger than expected U.S. economic data appears to be the primary driver of the near-term direction for stocks, and that direction is higher for now. any upside surprises in the CPI report may cause for a correction. Earnings should help navigate market direction. 

The outlook contained in this article are of opinion only and do not guarantee any profits. Futures trading is risky and suitable for everyone.

Daily Levels for October 4, 2024

Economic Reports

provided by: ForexFactory.com

All times are Eastern Time ( New York)

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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.   #Equities, #Consolidation phase, #Interest rates, #Precious metals, #Gold, #Silver, #US Dollar, #Crude oil prices, #HurricaneHelene, #Middle East tensions, #Chinese stimulus, #Redbook US Retail Sales, #Case Schiller US Metro-Area Home Prices, #Richmond Fed Manufacturing Index, #Service Sector Index, #Consumer Confidence, #New Home Sales, #Micron Technology

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Cannon Futures Weekly Letter Issue # 1211

In this issue:

• Important Notices – FOMC Minutes, CPI, PPI, WASDE & Middle East.
• Futures 101 – SP 500 what’s Next
• Hot Market of the Week – December Wheat
• Broker’s Trading System of the Week – Silver Day Trading System
• Trading Levels for Next Week
• Trading Reports for Next Week

Important Notices – Next Week Highlights:

The Week Ahead

By John Thorpe, Senior Broker

Earnings season begins in earnest. Major Inflation indicators. FOMC Minutes. 17 Fed Speeches by all 12 Fed Governors. So, we have a little bit of everything, in what is expected to be a huge week, adding to the current Middle East volatility.

Prominent Earnings this Week:

• Tues, pre-open Pepsi
• Thur, Progressive
• Fri. Pre-open Blackrock, Wells Fargo and J.P. Morgan Chase

FOMC Minutes Wednesday. 1:00PM Central 

FED SPEECHES:

• Mon. Bowman, Kaskari, Bostic, Musalem
• Tue. Kugler, Bostic, Collins, Jefferson
• Wed. Logan, Williams, Barkin, Jefferson, Collins, Daly- FOMC MINUTES
• Thu. Cook
• Fri. Goolsbee, Bowman

Big Economic Data week:

• Mon.
• Tues. Balance of Trade, Redbook
• Wed. FOMC MINUTES
• Thur. Jobless Claims, CPI, Fed Balance Sheet
• Fri. PPI, Michigan Consumer Sentiment, WASDE 

Futures 101: SP500 – What’s in Store for the next 2 Weeks?

Click Image Below for Larger View

Would you like to have access to research like shown above and MORE?

Here is what you will receive DAILY:

• Specific price points for shorter term, medium term and longer term
• Detailed chart analysis
• Audio brief summary as well as more detailed PDF summary
• View insight into Gold, Mini SP, Crude Oil, Corn, feeder Cattle, Live Cattle, Wheat, Hogs and more!

To sign up and get two weeks FULL access, start by requesting the free trial below.

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• Hot Market of the Week – December Wheat

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

December Wheat

The extended decline in December wheat stabilized after completing the third downside PriceCount objective in August. Now, on the correction, the chart has activated upside PriceCounts and we are taking aim at the first target in the $6.27 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.

   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.

Anansi 5

PRODUCT

SI – Silver

SYSTEM TYPE

Day Trading

Recommended Cannon Trading Starting Capital

$25,000

COST

USD 115 / monthly

Recommended Cannon Trading Starting Capital

$25,000.00

COST

USD 150 / monthly

Get Started

Learn More

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.

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Daily Levels for October 7th, 2024

Trading Reports for Next Week

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.

Get Real Time updates and more by joining our Private Facebook Group!

Subscribe to our YouTube Channel

Listen to our Market Recap Podcasts on Apple Podcasts

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NFP tomorrow at 7:30 AM Central time! Non Farm Payrolls is a market moving event that takes place the first Friday of every month. Be aware and understand this report can impact market behavior. 

Below are the contracts entering First Notice or Last Trading Day for the upcoming month. Be advised that for contracts that are deliverable, it is requested that all LONG positions be exited two days prior to First Notice and ALL positions be exited the day prior to Last Trading Day. If you have any questions, please contact your broker.

Daily Levels for October 4, 2024

Economic Reports

provided by: ForexFactory.com

All times are Eastern Time ( New York)

---

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.   #Equities, #Consolidation phase, #Interest rates, #Precious metals, #Gold, #Silver, #US Dollar, #Crude oil prices, #HurricaneHelene, #Middle East tensions, #Chinese stimulus, #Redbook US Retail Sales, #Case Schiller US Metro-Area Home Prices, #Richmond Fed Manufacturing Index, #Service Sector Index, #Consumer Confidence, #New Home Sales, #Micron Technology