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FOMC tomorrow 11.02.2016

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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 November 2, 2016

Greetings!

BIG day tomorrow!

FOMC meeting along with ADP employment report earlier in the day and crude oil numbers…

Be aware of the reports, know your strengths and weaknesses and decide if you should be trading during these reports or not.

refer back to notes from your ( hopefully ) trading journal and stay disciplined and consistent. No trade is better than a bad trade!

Here are some notes I share before every FOMC day….

_____________________________________________________________________

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 2105.00 with a stop at 2099.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2099.75 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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

Levels for Trade Date of 11.02.2016

Contract Dec. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2163.50 4908.67 18363 1219.50 99.11
Resistance 2 2146.50 4862.83 18244 1207.60 98.79
Resistance 1 2125.00 4810.42 18093 1190.60 98.27
Pivot 2108.00 4764.58 17974 1178.70 97.95
Support 1 2086.50 4712.17 17823 1161.70 97.43
Support 2 2069.50 4666.33 17704 1149.80 97.11
Support 3 2048.00 4613.92 17553 1132.80 96.59
Contract Dec. Gold Dec. Silver Dec. Crude Oil Dec. Bonds Dec.   Euro
Resistance 3 1312.6 19.29 48.49 165 4/32 1.1227
Resistance 2 1302.7 18.90 47.92 164 6/32 1.1159
Resistance 1 1296.0 18.63 47.34 163 17/32 1.1118
Pivot 1286.1 18.24 46.77 162 19/32 1.1050
Support 1 1279.4 17.97 46.19 161 30/32 1.1009
Support 2 1269.5 17.58 45.62 161 1.0941
Support 3 1262.8 17.31 45.04 160 11/32 1.0900
Contract Dec. Corn Dec. Wheat Jan. Beans Dec. SoyMeal Dec. Nat Gas
Resistance 3 360.9 425.6 1031.08 322.53 3.14
Resistance 2 357.8 421.9 1022.92 319.77 3.08
Resistance 1 353.4 418.1 1008.08 314.63 2.98
Pivot 350.3 414.4 999.92 311.87 2.92
Support 1 345.9 410.6 985.1 306.7 2.8
Support 2 342.8 406.9 976.92 303.97 2.76
Support 3 338.4 403.1 962.08 298.83 2.65

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

All times are Eastern time Zone (EST)

Date 4:34pm Currency Impact Detail Actual Forecast Previous Graph
WedNov 2 3:00am GBP
Nationwide HPI m/m
0.2% 0.3%
4:15am EUR
Spanish Manufacturing PMI
52.7 52.3
4:45am EUR
Italian Manufacturing PMI
51.5 51.0
4:50am EUR
French Final Manufacturing PMI
51.3 51.3
4:55am EUR
German Unemployment Change
0K 1K
EUR
German Final Manufacturing PMI
55.1 55.1
5:00am EUR
Final Manufacturing PMI
55.3 53.3
5:30am GBP
Construction PMI
51.9 52.3
Tentative EUR
German 10-y Bond Auction
-0.03|1.4
8:15am USD
ADP Non-Farm Employment Change
166K 154K
10:30am USD
Crude Oil Inventories
-0.6M
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 judgement in trading.

Tags: > > Posted in: Future Trading News  

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