Market on Alert: NFP Report Tomorrow – Key Levels and Feeder Cattle Outlook
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Monthly unemployment numbers also known as NFP – Non Farm Payrolls will be out tomorrow at 730 Am Central time.
This is a market moving even which impacts almost all futures, starting with indices, rates, metals, currencies, energies and more.
I personally like to be out of any day trade positions right before the report and resume a few minutes after as the bid and ask can get wide and price action is at times too wild for my taste….
Levels for tomorrow along with Feeders Cattle Outlook below.
Daily Levels for September 6, 2024
October Feeder Cattle
October Feeder Cattle completed its first downside PriceCount objective last month and corrected. IF the chart can resume its break into new sustained lows, the second count would project a possible slide to the 223.94 area.
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Improve Your Trading Skills
Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.
Explore trading methods. Register Here
* 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.
