FOMC & Trading Levels 9.17.2015

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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 Thursday September 17, 2015

 

Hello Traders,

For 2015 I would like to wish all of you discipline and patience in your trading!

BIG FOMC tomorrow at 2 PM EST. More on trading on FOMC days below.

Tomorrow might well be the single-most anticipated Federal Reserve announcement in nearly a decade. Will it or won’t it raise interest rates?

Also heads up, small change to closing times on GLOBEX:

Effective Monday, September 21, the daily CME Globex maintenance period will begin 15 minutes earlier. Currently, the daily maintenance period occurs Monday through Thursday from 16:15 to 16:45 CT.  With this change, the closing times for the following markets will now occur 15 minutes earlier Monday through Friday at 16:00 CT.
§    CME Equity
§    CBOT Equity
§    COMEX
§    NYMEX
§    DME

All products will continue to open at their normally scheduled times. All other CME Globex markets trading hours remain unchanged.

The FOMC interest rate decision is due at 2:00 ET in the US tomorrow ( Thursday, Sept. 17th ). 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

Did you know Cannon offers FOREX trading including the MT4 platform? Check out our Trading Systems/ALGO Trading and Managed Accounts section!

Many ways to trade any market, many ways to lose money in any market and only very few ways to lock in gainsIf you need help creating a trading plan, visit our broker assist services.

 

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 Dec. 2015 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2019.17 4434.75 16910 1186.83 96.60
Resistance 2 2003.08 4406.50 16784 1178.57 96.31
Resistance 1 1994.92 4391.50 16719 1174.33 95.89
Pivot 1978.83 4363.25 16593 1166.07 95.60
Support 1 1970.67 4348.25 16528 1161.83 95.18
Support 2 1954.58 4320.00 16402 1153.57 94.89
Support 3 1946.42 4305.00 16337 1149.33 94.47
Contract Dec. Gold Dec. Silver Oct. Crude Oil Dec. Bonds Dec.   Euro
Resistance 3 1148.6 15.79 50.62 153 24/32 1.1459
Resistance 2 1136.2 15.38 48.99 153 11/32 1.1399
Resistance 1 1127.9 15.13 48.09 152 20/32 1.1352
Pivot 1115.5 14.72 46.46 152 7/32 1.1292
Support 1 1107.2 14.48 45.56 151 16/32 1.1245
Support 2 1094.8 14.07 43.93 151 3/32 1.1185
Support 3 1086.5 13.82 43.03 150 12/32 1.1138
Contract Dec. Corn Dec. Wheat Nov Beans Dec. SoyMeal Oct. Nat Gas
Resistance 3 398.3 506.9 903.67 322.80 2.79
Resistance 2 394.7 501.1 899.08 320.80 2.76
Resistance 1 390.3 494.7 893.17 318.10 2.71
Pivot 386.7 488.8 888.58 316.10 2.69
Support 1 382.3 482.4 882.7 313.4 2.6
Support 2 378.7 476.6 878.08 311.40 2.61
Support 3 374.3 470.2 872.17 308.70 2.56
Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:33pm Currency Impact Detail Actual Forecast Previous Graph
ThuSep 17  4:00am EUR ECB Economic Bulletin
EUR Italian Trade Balance 2.47B 2.81B
8:30am USD Building Permits 1.15M 1.13M
USD Unemployment Claims 276K 275K
USD Current Account -111B -113B
USD Housing Starts 1.16M 1.21M
10:00am USD Philly Fed Manufacturing Index 6.1 8.3
10:30am USD Natural Gas Storage 70B 68B
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
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 judgment in trading.

 

Tags: > Posted in: Future Trading News   | Futures Trading  

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