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Memorial Day Futures Trading Schedule & Minutes of Fed Reserve Report by Pedro Nicolaci da Costa 5.22.2014

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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 May 22, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!



Memorial Day Weekend is right around the corner!!

Holiday schedule is now available.

Key Passages: Read the Federal Reserve Meeting Minutes in Just a Minute — WSJ Blog

05/21/2014 13:01

By Pedro Nicolaci da Costa
Minutes of the Federal Reserve’s April 29-30 meeting showed policy makers are still hoping for stronger economic growth in the second half of the year. The economic assessment of Federal Open Market Committee participants emphasizes the central bank is so far sticking to its forecasts.
Here are some key excerpts, with quotes in italics:
“In their discussion of the economic situation and the outlook, meeting participants generally indicated that their assessment of the economic outlook had not changed materially since the March meeting. Severe winter weather had contributed to a sharp slowing in activity during the first quarter, but recent indicators pointed to a rebound and suggested that the economy had returned to a trajectory of moderate growth.”
However, that passage is quickly peppered with a note of caution:
“Some participants remarked that it was it was too early to confirm that the bounceback in economic activity would put the economy on a path of sustained above-trend economic growth. In general, participants continued to view the risks to the outlook for the economy and the labor market as nearly balanced. However, a number of participants pointed to possible sources of downside risk to growth, including a persistent slowdown in the housing sector or potential international developments, such as a further slowing of growth in China or an increase in geopolitical tensions regarding Russia and Ukraine.”
In addition, officials seem to have spent quite a bit of time discussing a flagging housing sector, which is key to the economic recovery from the Fed’s perspective.
“Most participants commented on the continuing weakness in housing activity. They saw a range of factors affecting the housing market, including higher home prices, construction bottlenecks stemming from a scarcity of labor and harsh winter weather, input cost pressures, or a shortage in the supply of available lots.”
On the policy front, there was agreement about reducing the pace of monthly bond purchases further in incremental, $10 billion steps. The Fed also had an extensive discussion about its plans for exiting its extraordinary low-interest rate policies. The strategy is still evolving as policy makers assess which tools might work best when the time comes to begin tightening monetary policy.
“Participants considered how various combinations of tools could have different implications for the degree of control over short-term interest rates, for the Federal Reserve’s balance sheet and remittances to the Treasury, for the functioning of the federal funds market, and for financial stability in both normal times and in periods of stress. Because the Federal Reserve has not previously tightened the stance of policy while holding a large balance sheet, most participants judged that the Committee should consider a range of options and be prepared to adjust the mix of its policy tools as warranted. Participants generally favored the further testing of various tools, including the [Term Deposit Facility], to better assess their operational readiness and effectiveness.”
And, there’s more where that came from:
“No decisions regarding policy normalization were taken; participants requested additional analysis from the staff and agreed that it would be helpful to continue to review these issues at upcoming meetings.”

More at The Wall Street Journal’s Real Time Economics blog,




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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 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1912.50 3691.92 16773 1124.50 80.77
Resistance 2 1899.50 3663.83 16647 1115.30 80.57
Resistance 1 1892.50 3649.42 16578 1108.40 80.34
Pivot 1879.50 3621.33 16452 1099.20 80.14
Support 1 1872.50 3606.92 16383 1092.30 79.91
Support 2 1859.50 3578.83 16257 1083.10 79.71
Support 3 1852.50 3564.42 16188 1076.20 79.48
Contract June Gold July Silver July Crude Oil June Bonds  June Euro
Resistance 3 1311.0 1973.7 105.97 138 11/32 1.3818
Resistance 2 1303.7 1961.8 105.13 137 28/32 1.3770
Resistance 1 1297.6 1950.2 104.46 137  9/32 1.3728
Pivot 1290.3 1938.3 103.62 136 26/32 1.3680
Support 1 1284.2 1926.7 102.95 136  7/32 1.3638
Support 2 1276.9 1914.8 102.11 135 24/32 1.3590
Support 3 1270.8 1903.2 101.44 135  5/32 1.3548
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 477.8 676.5 1545.58 516.90 41.16
Resistance 2 476.7 673.8 1525.42 507.90 40.82
Resistance 1 475.6 669.0 1515.33 503.00 40.64
Pivot 474.4 666.3 1495.17 494.00 40.30
Support 1 473.3 661.5 1485.1 489.1 40.1
Support 2 472.2 658.8 1464.92 480.10 39.78
Support 3 471.1 654.0 1454.83 475.20 39.60
5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:20pm Currency Impact Detail Actual Forecast Previous Graph
ThuMay 22  3:00am EUR French Flash Manufacturing PMI 51.1 51.2
EUR French Flash Services PMI 50.3 50.4
3:30am EUR German Flash Manufacturing PMI 54.0 54.1
EUR German Flash Services PMI 54.8 54.7
4:00am EUR Flash Manufacturing PMI 53.2 53.4
EUR Flash Services PMI 53.0 53.1
Tentative EUR Spanish 10-y Bond Auction 3.06|1.8
Day 1 EUR European Parliamentary Elections
8:30am USD Unemployment Claims 312K 297K
9:45am USD Flash Manufacturing PMI 55.6 55.4
10:00am USD Existing Home Sales 4.71M 4.59M
USD CB Leading Index m/m 0.4% 0.8%
10:30am USD Natural Gas Storage 104B 105B

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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