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FOMC tomorrow Feb. 1st + trading levels! 2.01.2017

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* Big day tomorrow.

We have FOMC, crude oil numbers. It is also the first day of the trading month for February as well as ADP employment figures…..Little note about trading on FOMC below: 

** The FOMC interest rate decision is due at 2:15 ET in the US tomorrow.

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 2265.00 with a stop at 2259.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2259.75 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

Levels for Trade Date of 02.01.2017

Contract March 2017  SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2295.25 5174.58 20073 1389.67 101.36
Resistance 2 2286.00 5149.42 19982 1376.53 100.93
Resistance 1 2280.75 5133.58 19895 1368.57 100.25
Pivot 2271.50 5108.42 19804 1355.43 99.83
Support 1 2266.25 5092.58 19717 1347.47 99.15
Support 2 2257.00 5067.42 19626 1334.33 98.72
Support 3 2251.75 5051.58 19539 1326.37 98.04
Contract Apr. Gold March Silver Mar. Crude Oil Mar.  Bonds March  Euro
Resistance 3 1241.9 18.30 54.82 152 17/32 1.0987
Resistance 2 1229.6 17.97 54.19 151 27/32 1.0908
Resistance 1 1220.1 17.77 53.50 151 11/32 1.0859
Pivot 1207.8 17.44 52.87 150 21/32 1.0780
Support 1 1198.3 17.24 52.18 150  5/32 1.0732
Support 2 1186.0 16.91 51.55 149 15/32 1.0653
Support 3 1176.5 16.71 50.86 148 31/32 1.0604
Contract March  Corn March Wheat Mar. Beans March SoyMeal Mar. Nat Gas
Resistance 3 364.9 431.9 1034.08 339.10 3.34
Resistance 2 363.1 426.6 1030.17 337.40 3.29
Resistance 1 361.4 423.7 1027.33 336.00 3.21
Pivot 359.6 418.3 1023.42 334.30 3.16
Support 1 357.9 415.4 1020.6 332.9 3.1
Support 2 356.1 410.1 1016.67 331.20 3.04
Support 3 354.4 407.2 1013.83 329.80 2.96

All times are Eastern time Zone (EST)

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

Date 4:22pm Currency Impact Detail Actual Forecast Previous Graph
WedFeb 1 2:00am GBP
Nationwide HPI m/m
0.0% 0.8%
3:15am EUR
Spanish Manufacturing PMI
55.1 55.3
3:45am EUR
Italian Manufacturing PMI
53.3 53.2
3:50am EUR
French Final Manufacturing PMI
53.4 53.4
3:55am EUR
German Final Manufacturing PMI
56.5 56.5
4:00am EUR
Final Manufacturing PMI
55.1 55.1
4:30am GBP
Manufacturing PMI
55.9 56.1
Tentative EUR
EU Economic Forecasts
8:15am USD
ADP Non-Farm Employment Change
165K 153K
9:45am USD
Final Manufacturing PMI
55.1 55.1
10:00am USD
ISM Manufacturing PMI
55.0 54.7
USD
Construction Spending m/m
0.2% 0.9%
USD
ISM Manufacturing Prices
66.0 65.5
10:30am USD
Crude Oil Inventories
2.8M
All Day USD
Total Vehicle Sales
17.9M 18.4M
2:00pm USD
FOMC Statement
USD
Federal Funds Rate
<0.75% <0.75%

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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