FOMC & Trading Levels 9.17.2015
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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.
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.
- 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!
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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| 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 |
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.
