Economic Trading

Lower volume than usual today across the board, with choppy action in stock indices.

Summer trading? 4th of July extended vacations to some of the larger money? perhaps the light calendar and maybe it is all of the above.

Looks like a Light week ahead, based on reports below BUT we have CPI, PPI as well as:

Heavy Fed Speak and Data :

We have Treasury Secretary Yellen and Fed Chair Powell providing testimony to congress’s Semiannual Monetary Policy report, Tuesday its the U.S. Senate Committee on Banking, Housing and urban affairs. Wednesday it’s Before the U.S. House Financial Services Committee. In addition to 4 other Fed Speakers, Barr, Bowman, Goolsbee and Cook.

On the data front, impressive releases: Used Car Data, Consumer Inflation Expectations, Consumer Credit, NFIB Business Optimism Index, Jobless Claims, CPI, PPI, Michigan Consumer Sentiment

And Finally, WASDE release on Friday @11 a.m. Central

Daily Levels for July 9th, 2024

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* 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.

Bullet Points, Highlights, Announcements     

By Mark O’Brien, Senior Broker

Happy Independence Day eve. Heads up traders. While tomorrow, July 4th is a holiday, the next day, July 5th is the first Friday of the month and for traders it marks the release of the Labor Department’s monthly Non-farm payrolls report. The report is widely considered to be one of the most important and influential measures of the U.S. economy. It’s released at 7:30 A.M., Central Time.

The economy is expected to have added 190,000 jobs in June, a step down from the 272,000 new jobs in May. The unemployment rate is forecast to hold steady at 4%. Average hourly earnings are expected to decline from 0.4% in May to 0.3% in June, in a potential good sign for the Fed.

Stock Indexes:

The Nasdaq climbed to new all-time highs today as traders continued their buying into the excitement surrounding artificial-intelligence technology.

The S&P 500 rose to set an all-time high for the 33rd time this year.

4th of July modified trading hours! Full schedule HERE

https://www.cannontrading.com/tools/support-resistance-levels/4th-of-july-2024-holiday-schedule-for-cme-exchange-hours/

Daily Levels for July 5th, 2024

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.

Choppy, Exhilarating Market week, yet to come..

By John Thorpe, Senior Broker

Look for a quiet July 3rd trading morning due to an early trading halt in the stock indices, 12:15 Central time to be exact.

HOWEVER, the rest of the futures markets will be closing normal times.

After the equity market Halt in Wednesday, FOMC Minutes will be released @ 1:00p.m. Central. Watch the outside markets react, Currency’s, Interest Rates, Metals to get an Idea of how the equities will react when they re-open on the Eve of the 4th of July.

Friday at 7:30 a.m. central, the very meaningful, Non-Farm Payrolls will be released.

In celebration of America’s 248th birthday, our team decided to take a look at this holiday through the fascinating lens of numbers. As it Turns out, these figures paint a vivid picture of what makes the Fourth of July such an extraordinary celebration. With that in mind, we thought we would share what we found with you:

• $9.5 billion – The estimated amount Americans spent on 4th of July food in 2023 — about $93.34 per person.
• 150 million – The number of hot dogs consumed each 4th of July — enough to stretch from D.C. to L.A. more than five times. It’s also the number of American flags sold in the U.S. each year.
• 2 million – The number of people who tuned in to watch 2023 Nathan’s Famous International Hot Dog Eating Contest champs Miki Sudo and Joey Chestnut consume approximately 102 hot dogs combined.
• $3 billion – The estimated amount of dollars Americans spent on beer and wine for the Fourth of July in 2023. If you partake, just remember to enjoy responsibly!
• $2.3 billion – The total U.S. consumers spent on fireworks in 2023.
• 50.7 million – The number of people who traveled 50+ miles from home for the 4th of July, up 4% from 2022.

These numbers highlight how Americans like to go all out in our nationwide Independence Day celebrations!

https://www.cannontrading.com/tools/support-resistance-levels/4th-of-july-2024-holiday-schedule-for-cme-exchange-hours/

Daily Levels for July 3rd, 2024

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.