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Markets Post FOMC – 4.28.2016

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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 Thursday April 28, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Voted #1 futures trading blog!


Another VOLATILE FOMC…Federal Reserve Press Release
Press ReleaseRelease Date: April 27, 2016For release at 2:00 p.m. EDT

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although households’ real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft. A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen. Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo. Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.

Implementation Note issued April 27, 2016

If you do need feedback, would like to chat/ consult with an experienced broker about any specific markets or strategies, feel free to contact us.

Featured System of the Month ( including real-time performance): Axiom Index II WFO NQ Trading System


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 June 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2115.67 4497.33 18200 1169.03 95.56
Resistance 2 2104.83 4461.67 18103 1161.47 95.19
Resistance 1 2097.92 4443.58 18033 1157.23 94.84
Pivot 2087.08 4407.92 17936 1149.67 94.47
Support 1 2080.17 4389.83 17866 1145.43 94.11
Support 2 2069.33 4354.17 17769 1137.87 93.74
Support 3 2062.42 4336.08 17699 1133.63 93.39
Contract June Gold July Silver June Crude Oil June Bonds June   Euro
Resistance 3 1268.5 17.86 47.85 164 9/32 1.1465
Resistance 2 1261.5 17.67 46.73 163 16/32 1.1421
Resistance 1 1254.6 17.48 46.00 163 1/32 1.1373
Pivot 1247.6 17.29 44.88 162 8/32 1.1330
Support 1 1240.7 17.10 44.15 161 25/32 1.1282
Support 2 1233.7 16.91 43.03 161 1.1238
Support 3 1226.8 16.72 42.30 160 17/32 1.1190
Contract July Corn July Wheat July Beans July SoyMeal June Nat Gas
Resistance 3 394.1 497.4 1053.83 337.10 2.29
Resistance 2 390.9 493.3 1041.67 332.90 2.24
Resistance 1 387.8 488.4 1035.08 330.60 2.20
Pivot 384.7 484.3 1022.92 326.40 2.15
Support 1 381.6 479.4 1016.3 324.1 2.1
Support 2 378.4 475.3 1004.17 319.90 2.06
Support 3 375.3 470.4 997.58 317.60 2.01

Economic Reports


All times are Eastern time Zone (EST)

Date 4:19pm Currency Impact Detail Actual Forecast Previous Graph
ThuApr 28  2:00am GBP Nationwide HPI m/m 0.4% 0.8%
All Day EUR German Prelim CPI m/m -0.2% 0.8%
3:00am EUR Spanish Flash CPI y/y -0.7% -0.8%
EUR Spanish Unemployment Rate 20.9% 20.9%
3:55am EUR German Unemployment Change 1K 0K
Tentative EUR Italian 10-y Bond Auction 1.24|1.4
8:30am USD Advance GDP q/q 0.7% 1.4%
USD Unemployment Claims 258K 247K
USD Advance GDP Price Index q/q 0.5% 0.9%
10:30am USD Natural Gas Storage 71B 7B
7:05pm GBP GfK Consumer Confidence -1 0

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.

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