FOMC Tomorrow and Managing Trading Size 3.16.2016 - Cannon Trading

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

FOMC Tomorrow and Managing Trading Size 3.16.2016

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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 March 16, 2016

Hello Traders,

For 2016 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, March 16th ). 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 1965.00 with a stop at 1959.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1959.75 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

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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 June 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2027.33 4402.67 17334 1091.97 97.29
Resistance 2 2018.67 4382.58 17247 1084.93 97.10
Resistance 1 2012.33 4369.67 17197 1072.97 96.87
Pivot 2003.67 4349.58 17110 1065.93 96.68
Support 1 1997.33 4336.67 17060 1053.97 96.46
Support 2 1988.67 4316.58 16973 1046.93 96.27
Support 3 1982.33 4303.67 16923 1034.97 96.04
Contract Apr. Gold May Silver Apr. Crude Oil June Bonds June   Euro
Resistance 3 1252.1 15.62 38.68 163 22/32 1.1216
Resistance 2 1245.4 15.52 38.04 163 5/32 1.1186
Resistance 1 1239.4 15.40 37.24 162 10/32 1.1163
Pivot 1232.7 15.30 36.60 161 25/32 1.1133
Support 1 1226.7 15.18 35.80 160 30/32 1.1110
Support 2 1220.0 15.08 35.16 160 13/32 1.1080
Support 3 1214.0 14.96 34.36 159 18/32 1.1057
Contract May Corn May Wheat May Beans May SoyMeal April Nat Gas
Resistance 3 372.8 486.3 901.67 276.37 1.99
Resistance 2 371.0 482.8 898.33 274.13 1.94
Resistance 1 369.8 480.0 895.17 271.17 1.90
Pivot 368.0 476.5 891.83 268.93 1.85
Support 1 366.8 473.8 888.7 266.0 1.8
Support 2 365.0 470.3 885.33 263.73 1.76
Support 3 363.8 467.5 882.17 260.77 1.72
Economic Reports


All times are Eastern time Zone (EST)

Date 4:07pm Currency Impact Detail Actual Forecast Previous Graph
WedMar 16  5:30am GBP Average Earnings Index 3m/y 2.0% 1.9%
GBP Claimant Count Change -8.8K -14.8K
GBP Unemployment Rate 5.1% 5.1%
Tentative EUR German 10-y Bond Auction 0.26|1.2
8:30am GBP Annual Budget Release
USD Building Permits 1.20M 1.20M
USD CPI m/m -0.2% 0.0%
USD Core CPI m/m 0.2% 0.3%
USD Housing Starts 1.15M 1.10M
9:15am USD Capacity Utilization Rate 76.9% 77.1%
USD Industrial Production m/m -0.2% 0.9%
9:30am GBP CB Leading Index m/m 0.4%
10:30am USD Crude Oil Inventories 2.9M 3.9M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.50% <0.50%
2:30pm USD FOMC Press Conference

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.


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