FOMC Tomorrow 1.27.2016

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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 January 27, 2016

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 2:15 ET in the US tomorrow ( Wednesday, Jan. 27th ). 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 1865.00 with a stop at 1859.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1859.75 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 March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1961.92 4380.25 16695 1060.97 99.82
Resistance 2 1930.83 4312.00 16398 1039.43 99.66
Resistance 1 1913.42 4269.50 16234 1026.37 99.39
Pivot 1882.33 4201.25 15937 1004.83 99.24
Support 1 1864.92 4158.75 15773 991.77 98.97
Support 2 1833.83 4090.50 15476 970.23 98.81
Support 3 1816.42 4048.00 15312 957.17 98.54
Contract Feb. Gold March Silver Mar. Crude Oil Mar. Bonds March   Euro
Resistance 3 1143.9 15.02 35.80 162 3/32 1.0948
Resistance 2 1133.5 14.80 34.10 161 15/32 1.0917
Resistance 1 1127.9 14.66 32.64 160 22/32 1.0892
Pivot 1117.5 14.44 30.94 160 2/32 1.0861
Support 1 1111.9 14.30 29.48 159 9/32 1.0836
Support 2 1101.5 14.08 27.78 158 21/32 1.0805
Support 3 1095.9 13.94 26.32 157 28/32 1.0780
Contract Mar. Corn Mar. Wheat Mar Beans Mar. SoyMeal Feb. Nat Gas
Resistance 3 376.8 500.0 885.75 276.13 2.31
Resistance 2 374.4 494.3 883.50 274.77 2.26
Resistance 1 371.8 489.5 880.00 272.33 2.21
Pivot 369.4 483.8 877.75 270.97 2.16
Support 1 366.8 479.0 874.3 268.5 2.1
Support 2 364.4 473.3 872.00 267.17 2.06
Support 3 361.8 468.5 868.50 264.73 2.00
Economic Reports

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

All times are Eastern time Zone (EST)

 

Date 4:05pm Currency Impact Detail Actual Forecast Previous Graph
WedJan 27  2:00am EUR GfK German Consumer Climate 9.3 9.4
Tentative EUR German 30-y Bond Auction 1.49|1.0
10:00am USD New Home Sales 503K 490K
10:30am USD Crude Oil Inventories 4.0M
2:00pm USD FOMC Statement
USD Federal Funds Rate <0.50% <0.50%

 

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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