FOMC Report Out Tomorrow 12.16.2015

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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 Tuesday December 16, 2015

Hello Traders,

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

Voted #1 futures trading blog!

Here is some futures market insight from our Senior Broker, Jack Engin of today’s market action:

There is a muffled mix of excitement and tempered anxiety in the air surrounding all of the markets ahead of the FOMC’s all-important announcement tomorrow.

Our Vice President, Ilan Levy-Mayer, has in the past, issued sound and, in my opinion, paramount advice for trading on FOMC days; please heed his warnings below:

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 2065.00 with a stop at 2059.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 2059.75 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

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 March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2085.92 4703.67 17867 1156.33 99.78
Resistance 2 2065.83 4668.33 17709 1142.47 99.06
Resistance 1 2050.17 4631.17 17576 1134.73 98.65
Pivot 2030.08 4595.83 17418 1120.87 97.94
Support 1 2014.42 4558.67 17285 1113.13 97.53
Support 2 1994.33 4523.33 17127 1099.27 96.81
Support 3 1978.67 4486.17 16994 1091.53 96.40
Contract Feb. Gold March Silver Jan. Crude Oil Mar. Bonds March   Euro
Resistance 3 1077.1 14.00 39.88 157 25/32 1.1206
Resistance 2 1072.5 13.91 38.88 156 27/32 1.1147
Resistance 1 1066.6 13.83 38.03 155 25/32 1.1051
Pivot 1062.0 13.73 37.03 154 27/32 1.0992
Support 1 1056.1 13.65 36.18 153 25/32 1.0896
Support 2 1051.5 13.56 35.18 152 27/32 1.0837
Support 3 1045.6 13.48 34.33 151 25/32 1.0741
Contract Mar. Corn Mar. Wheat Jan Beans Jan. SoyMeal Jan. Nat Gas
Resistance 3 383.0 511.2 878.67 279.87 1.98
Resistance 2 381.3 504.6 876.08 278.13 1.94
Resistance 1 379.3 499.4 871.67 274.97 1.87
Pivot 377.5 492.8 869.08 273.23 1.83
Support 1 375.5 487.7 864.7 270.1 1.8
Support 2 373.8 481.1 862.08 268.33 1.72
Support 3 371.8 475.9 857.67 265.17 1.65
Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:05pm Currency Impact Detail Actual Forecast Previous Graph
WedDec 16  3:00am EUR French Flash Manufacturing PMI 50.6 50.6
EUR French Flash Services PMI 50.7 51.0
3:30am EUR German Flash Manufacturing PMI 52.7 52.9
EUR German Flash Services PMI 55.5 55.6
4:00am EUR Flash Manufacturing PMI 52.8 52.8
EUR Flash Services PMI 54.0 54.2
5:00am EUR Final CPI y/y 0.1% 0.1%
EUR Final Core CPI y/y 0.9% 0.9%
EUR Trade Balance 22.3B 20.1B
8:30am USD Building Permits 1.16M 1.16M
USD Housing Starts 1.14M 1.06M
9:15am USD Capacity Utilization Rate 77.3% 77.5%
USD Industrial Production m/m 0.0% -0.2%
9:45am USD Flash Manufacturing PMI 52.7 52.8
10:30am USD Crude Oil Inventories -0.3M -3.6M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.50% <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.

 

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