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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 September 21, 2016
Greetings!
Two things today….
The first, from The New York Times, an interesting read…..:
‘Trust Your Gut’ Might Actually Be Profitable Advice on Wall Street, Study Says
A study published on Monday in Scientific Reports suggests that high-frequency traders who were more sensitive to their bodies made more profitable trades.
The second, tomorrow is an anticipated FOMC meeting.
Be careful.
The FOMC interest rate decision is due at 2:15 ET in the US tomorrow as well as Crude Oil Inventories.
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 2165.00 with a stop at 2159.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2159.75 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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Levels for Trade Date of 9.21.2016
| Contract Dec. 2016 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2152.67 | 4848.17 | 18232 | 1243.00 | 96.58 |
| Resistance 2 | 2148.08 | 4834.33 | 18188 | 1239.00 | 96.28 |
| Resistance 1 | 2139.92 | 4817.67 | 18120 | 1231.20 | 96.12 |
| Pivot | 2135.33 | 4803.83 | 18076 | 1227.20 | 95.82 |
| Support 1 | 2127.17 | 4787.17 | 18008 | 1219.40 | 95.66 |
| Support 2 | 2122.58 | 4773.33 | 17964 | 1215.40 | 95.36 |
| Support 3 | 2114.42 | 4756.67 | 17896 | 1207.60 | 95.20 |
| Contract | Dec. Gold | Dec. Silver | Nov. Crude Oil | Dec. Bonds | Sept. Euro |
| Resistance 3 | 1326.8 | 19.62 | 45.97 | 167 14/32 | 1.1295 |
| Resistance 2 | 1324.0 | 19.49 | 45.18 | 167 3/32 | 1.1275 |
| Resistance 1 | 1320.9 | 19.40 | 44.64 | 166 16/32 | 1.1236 |
| Pivot | 1318.1 | 19.27 | 43.85 | 166 5/32 | 1.1216 |
| Support 1 | 1315.0 | 19.18 | 43.31 | 165 18/32 | 1.1178 |
| Support 2 | 1312.2 | 19.05 | 42.52 | 165 7/32 | 1.1158 |
| Support 3 | 1309.1 | 18.96 | 41.98 | 164 20/32 | 1.1119 |
| Contract | Dec. Corn | Dec. Wheat | Nov. Beans | Dec. SoyMeal | Oct. Nat Gas |
| Resistance 3 | 346.8 | 414.7 | 1012.50 | 323.93 | 3.25 |
| Resistance 2 | 344.5 | 412.3 | 1003.25 | 320.87 | 3.16 |
| Resistance 1 | 342.5 | 409.2 | 996.50 | 317.03 | 3.11 |
| Pivot | 340.3 | 406.8 | 987.25 | 313.97 | 3.02 |
| Support 1 | 338.3 | 403.7 | 980.5 | 310.1 | 3.0 |
| Support 2 | 336.0 | 401.3 | 971.25 | 307.07 | 2.89 |
| Support 3 | 334.0 | 398.2 | 964.50 | 303.23 | 2.84 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:00pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedSep 21 | 4:30am | GBP |
Public Sector Net Borrowing
|
10.5B | -1.5B | ||||
| 7:00am | GBP |
BOE Quarterly Bulletin
|
|||||||
| 10:30am | USD |
Crude Oil Inventories
|
3.2M | -0.6M | |||||
| 2:00pm | USD |
FOMC Economic Projections
|
|||||||
| USD |
FOMC Statement
|
||||||||
| USD |
Federal Funds Rate
|
<0.50% | <0.50% | ||||||
| 2:30pm | USD |
FOMC Press Conference
|