Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Thursday, March 9th
ECB Interest Rate Decision
07:45 EDT/12:45 GMT
Expected to leave key rates unchanged
– Maintain Main Refinancing Rate at 0.00%
– Maintains Deposit Rate at -0.40%
– Maintain Marginal Lending Rates at 0.25%
The ECB governing council will likely keep its policy steady this week despite a steady improvement on the inflation front (being dictated primarily by energy prices). Analysts noted that the Feb Advance CPI moved above the ECB target of ‘around 2%’ for the first time in four years, thus putting pressure on the ECB to reduce its stimulus. But the continued firming seen in headline inflation readings is not apt to budge ECB message for the time being because core inflation remains stubbornly low. As 2017 progresses, the stimulus debate at the ECB may shift as the threat of deflation recedes and inflation levels begin to look sustainable across the whole euro zone region in coming months.
– Press conference seen to retain dovish bias on the back of political uncertainty
– ECB is likely to announce an extension of the TLTRO… more
I personally will start trading the June mini SP this Friday but most traders will rollover tomorrow:
Rollover Notice for Stock Index Futures
Important notice: For those of you trading any stock index futures contracts, i.e., the E-mini S&P, E-mini NASDAQ, E-mini Dow Jones, the “Big” pit-traded S&P 500, etc., it is extremely important to remember that tomorrow, Thursday, March 9th, at 8:30 am CDT Time is rollover day.
Starting March 9th, the June 2016 futures contracts will be the front month contracts. It is recommended that all new positions be placed in the June 2017 contract as of March 9th. Volume in the March 2017 contracts will begin to drop off until its expiration on Friday March 17th.
The month code for June is M7.
Traders with electronic trading software should make sure that defaults reflect the proper contract as of Thursday morning.
Please close any open March Currency positions by the close on Friday the 10th.
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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Levels for Trade Date of 03.09.2017
|Contract March 2017||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Apr. Gold||May Silver||April Crude Oil||June Bonds||March Euro|
|Resistance 3||1228.2||17.80||55.01||150 14/32||1.0608|
|Resistance 2||1223.4||17.69||53.96||149 21/32||1.0592|
|Resistance 1||1216.1||17.48||52.14||148 26/32||1.0569|
|Support 1||1204.0||17.15||49.27||147 6/32||1.0529|
|Support 2||1199.2||17.04||48.22||146 13/32||1.0513|
|Support 3||1191.9||16.83||46.40||145 18/32||1.0490|
|Contract||May Corn||May Wheat||May Beans||May SoyMeal||April Nat Gas|
French Final Non-Farm Payrolls q/q
Challenger Job Cuts y/y
Minimum Bid Rate
ECB Press Conference
Import Prices m/m
Natural Gas Storage
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.