Have You Heard About Weekly Options? 8.17.2016

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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 August 17, 2016

Hello Traders,

Greetings!

Weekly options:

In the last few years the CME group added weekly options to a variety of markets. It started with the highly liquid mini SP 500 contract and then trickled down to other markets such as crude oil, gold, bonds, grains and currencies to name a few.

So what’s the big deal you may ask as there are many different futures contacts and options contracts listed on more than a few global exchanges?

From my point of view, the weekly options are a great tool for short term traders to have in their trading arsenal for two main reasons:

  1. Ability to use these weekly options as a way to speculate on the direction of the markets without the need to use stops.
  2. The weekly options offer the short term traders who use futures an alternative to placing stops by using the options as protection/insurance.

If you ever day-traded futures or traded futures for short term duration ranging from hours to days you know that trading without a stop is detrimental for your physical and financial well being…yet that being said many of us got stopped out to see the market coming right back to where we thought and wanted it to move towards….

In the next few days we will post a new article about this topic written by my colleague John Thorpe, in between feel free to contact us with ANY questions about trading futures in general and  weekly options in specific.

On a different topic, two market moving reports tomorrow, Crude Oil inventories and FOMC minutes so be aware and ready.

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  8.17.2016

Contract Sept. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2193.08 4844.50 18648 1248.70 96.67
Resistance 2 2189.67 4834.50 18618 1244.70 96.14
Resistance 1 2182.83 4816.50 18567 1237.00 95.44
Pivot 2179.42 4806.50 18537 1233.00 94.91
Support 1 2172.58 4788.50 18486 1225.30 94.21
Support 2 2169.17 4778.50 18456 1221.30 93.68
Support 3 2162.33 4760.50 18405 1213.60 92.98
Contract Dec. Gold Sept. Silver Sept. Crude Oil Sept. Bonds Sept.   Euro
Resistance 3 1381.9 20.45 48.48 173 17/32 1.1502
Resistance 2 1373.1 20.29 47.61 173 1/32 1.1420
Resistance 1 1362.4 20.05 47.09 172 3/32 1.1357
Pivot 1353.6 19.88 46.22 171 19/32 1.1274
Support 1 1342.9 19.64 45.70 170 21/32 1.1211
Support 2 1334.1 19.48 44.83 170 5/32 1.1129
Support 3 1323.4 19.24 44.31 169 7/32 1.1066
Contract Dec. Corn Sept. Wheat Nov. Beans Dec. SoyMeal Sept. Nat Gas
Resistance 3 343.3 443.0 1026.42 343.70 2.68
Resistance 2 340.9 435.5 1020.08 341.10 2.65
Resistance 1 339.1 429.5 1013.67 336.70 2.64
Pivot 336.7 422.0 1007.33 334.10 2.61
Support 1 334.8 416.0 1000.9 329.7 2.6
Support 2 332.4 408.5 994.58 327.10 2.56
Support 3 330.6 402.5 988.17 322.70 2.55

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

All times are Eastern time Zone (EST)

Date 3:54pm Currency Impact Detail Actual Forecast Previous Graph
WedAug 17  4:30am GBP
Average Earnings Index 3m/y
2.5% 2.3%
GBP
Claimant Count Change
5.2K 0.4K
GBP
Unemployment Rate
4.9% 4.9%
10:30am USD
Crude Oil Inventories
0.3M 1.1M
1:00pm USD
FOMC Member Bullard Speaks
2:00pm USD
FOMC Meeting Minutes

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   | Options Trading  

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