Trading Tips & Tricks for FOMC Days | Cannon Trading

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

FOMC News and Futures Economic Numbers & Reports 4.30.2014

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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 April 30, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday,  April  30th).

This FOMC will follow more than a few important reports that will be released earlier in the morning, so I expect a volatile session. 

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 1875.00 with a stop at 1869.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1869.75 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
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined

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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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Futures Trading Levels

Contract June 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1903.92 3656.17 16665 1163.53 80.22
Resistance 2 1887.83 3609.33 16550 1146.67 80.07
Resistance 1 1876.17 3574.17 16471 1131.13 79.93
Pivot 1860.08 3527.33 16356 1114.27 79.77
Support 1 1848.42 3492.17 16277 1098.73 79.63
Support 2 1832.33 3445.33 16162 1081.87 79.48
Support 3 1820.67 3410.17 16083 1066.33 79.34
Contract June Gold May Silver June Crude Oil June Bonds  June Euro
Resistance 3 1319.5 2003.5 102.74 135 19/32 1.3946
Resistance 2 1313.0 1989.5 102.13 135  8/32 1.3912
Resistance 1 1305.0 1975.0 101.55 134 27/32 1.3880
Pivot 1298.5 1961.0 100.94 134 16/32 1.3846
Support 1 1290.5 1946.5 100.36 134  3/32 1.3814
Support 2 1284.0 1932.5 99.75 133 24/32 1.3780
Support 3 1276.0 1918.0 99.17 133 11/32 1.3748
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 521.6 721.7 1528.67 498.40 43.68
Resistance 2 519.4 715.8 1519.33 493.60 43.49
Resistance 1 516.6 712.2 1509.67 489.20 43.16
Pivot 514.4 706.3 1500.33 484.40 42.97
Support 1 511.6 702.7 1490.7 480.0 42.6
Support 2 509.4 696.8 1481.33 475.20 42.45
Support 3 506.6 693.2 1471.67 470.80 42.12

5. Economic Reports


All times are Eastern time Zone (EST)

Date 3:59pm Currency Impact Detail Actual Forecast Previous Graph
WedApr 30  2:00am EUR German Retail Sales m/m -0.6% 1.3%
2:45am EUR French Consumer Spending m/m 0.3% 0.1%
3:00am EUR Spanish Flash GDP q/q 0.4% 0.2%
3:55am EUR German Unemployment Change -10K -12K
4:00am EUR Italian Monthly Unemployment Rate 13.0% 13.0%
5:00am EUR CPI Flash Estimate y/y 0.8% 0.5%
EUR Italian Prelim CPI m/m 0.1% 0.1%
8:15am USD ADP Non-Farm Employment Change 203K 191K
8:30am USD Advance GDP q/q 1.2% 2.6%
USD Advance GDP Price Index q/q 1.6% 1.6%
USD Employment Cost Index q/q 0.5% 0.5%
9:45am USD Chicago PMI 56.6 55.9
10:30am USD Crude Oil Inventories 1.3M 3.5M
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.

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