FOMC Interest Rate Decision & Economic Reports 10-28-2015

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday October 28, 2015

Hello Traders,

For 2015 I would like to wish all of you discipline and patience in your trading!

The FOMC interest rate decision is due at 2:00 ET in the US tomorrow( Wednesday, Oct 28th)). Also more than a few economic numbers ahead of the announcement.

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.
The following are suggestions on trading during FOMC days:
  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 2065.00 with a stop at 2059.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2059.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • Be patient and be disciplined

 

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.

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Futures Trading Levels

Contract Dec. 2015 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2076.75 4679.67 17641 1177.43 97.61
Resistance 2 2070.25 4658.58 17598 1167.67 97.33
Resistance 1 2064.25 4643.42 17545 1154.43 97.17
Pivot 2057.75 4622.33 17502 1144.67 96.89
Support 1 2051.75 4607.17 17449 1131.43 96.73
Support 2 2045.25 4586.08 17406 1121.67 96.45
Support 3 2039.25 4570.92 17353 1108.43 96.29
Contract Dec. Gold Dec. Silver Dec. Crude Oil Dec. Bonds Dec.   Euro
Resistance 3 1178.1 16.12 45.24 159 19/32 1.1127
Resistance 2 1173.5 16.04 44.57 159 10/32 1.1106
Resistance 1 1169.8 15.95 43.91 158 28/32 1.1078
Pivot 1165.2 15.87 43.24 158 19/32 1.1057
Support 1 1161.5 15.78 42.58 158 5/32 1.1029
Support 2 1156.9 15.70 41.91 157 28/32 1.1008
Support 3 1153.2 15.61 41.25 157 14/32 1.0980
Contract Dec. Corn Dec. Wheat Nov Beans Dec. SoyMeal Nov. Nat Gas
Resistance 3 392.5 527.5 902.25 316.17 2.51
Resistance 2 390.0 522.8 898.75 312.23 2.46
Resistance 1 385.0 516.0 895.00 308.47 2.42
Pivot 382.5 511.3 891.50 304.53 2.37
Support 1 377.5 504.5 887.8 300.8 2.3
Support 2 375.0 499.8 884.25 296.83 2.28
Support 3 370.0 493.0 880.50 293.07 2.23
Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 3:54pm Currency Impact Detail Actual Forecast Previous Graph
WedOct 28  3:00am EUR German Import Prices m/m -0.2% -1.5%
EUR GfK German Consumer Climate 9.5 9.6
Tentative EUR German 10-y Bond Auction 0.62|1.1
8:30am USD Goods Trade Balance -64.9B -67.2B
10:30am USD Crude Oil Inventories 3.3M 8.0M
2:00pm USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%

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 judgment in trading.

 

 

Tags: > Posted in: Future Trading News  

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