Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 Thursday January 28, 2016
For 2015 I would like to wish all of you discipline and patience in your trading!
FOMC today was a market mover. Some analysis via cnn.com ( source:
Global Gloom is Raising Eyebrows at the Federal Reserve.
At the end of its two-day meeting Wednesday, the U.S. central bank acknowledged that the U.S. economy lost momentum at the end of 2015.
“Economic growth slowed late last year,” the Fed’s committee said in its statement, noting that the job market had improved.
U.S. stocks didn’t react well to the Fed’s statement. The Dow, which was up about 10 points before the release, dropped down 230 points points after the Fed’s announcement.
In a widely expected decision, the Fed’s committee also decided not to raise its key interest rate. Just a month ago, in December, the Fed raised rates for the first time in nearly a decade.
Despite its worries, the Fed stopped short of saying that the volatility in January will change its plans to raise rates at least four times for the rest of 2016. The committee noted that it’s “monitoring global economic and financial developments.”
It’s worth remembering that after stocks tanked in late August, the Fed didn’t raise rates in September. So far, the Fed hasn’t indicated it is is changing its mind.
The Fed’s acknowledgment that the economy slowed down is a subtle sign that the committee might lower its rate hike expectations too, said Jason Pride, Director of Investment Strategy at Glenmede, a wealth management firm.
“They’re publicly acknowledging that the growth rate is coming in slower than their expectations,” said Pride.
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|Contract March 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Feb. Gold||March Silver||Mar. Crude Oil||Mar. Bonds||March Euro|
|Resistance 3||1144.3||14.83||35.85||162 1/32||1.1004|
|Resistance 2||1136.2||14.71||34.34||161 7/32||1.0967|
|Resistance 1||1131.2||14.61||33.15||160 18/32||1.0937|
|Support 1||1118.1||14.38||30.45||159 3/32||1.0870|
|Support 2||1110.0||14.26||28.94||158 9/32||1.0833|
|Support 3||1105.0||14.16||27.75||157 20/32||1.0803|
|Contract||Mar. Corn||Mar. Wheat||Mar Beans||Mar. SoyMeal||Feb. Nat Gas|
|ThuJan 28||2:00am||EUR||German Import Prices m/m||-1.0%||-0.2%|
|All Day||EUR||German Prelim CPI m/m||-0.8%||-0.1%|
|3:00am||EUR||Spanish Unemployment Rate||21.1%||21.2%|
|Tentative||EUR||Italian 10-y Bond Auction||1.59|1.3|
|8:30am||USD||Core Durable Goods Orders m/m||-0.1%||0.0%|
|USD||Durable Goods Orders m/m||-0.6%||0.0%|
|10:00am||USD||Pending Home Sales m/m||1.0%||-0.9%|
|10:30am||USD||Natural Gas Storage||-215B||-178B|
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.