Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

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Highlights and Announcements This Week + Trading Aug 3rd Futures Trading Levels, Reports & More!

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Highlights and Announcements for This Week

The first Friday of the month is coming up and with it the release of the Labor Department’s monthly Non-farm payrolls report, widely considered to be one of the most important and influential measures of the U.S. economy. Likely its numbers will be looked at through the prism of the Federal Reserve’s recent rate hikes to glean whether the economy will be capable of holding up against them. Consumers seem to be holding their own, if recent durable goods, personal income and personal spending readings have anything to say (which they have).
Even the current earnings cycle – including recent announcements – have yielded overall positive results, albeit often accompanied with negative forward guidance.  The report is released at 7:30 A.M., Central Time.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

08-03-2022

Support Resistance Levels 8.03.2022

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

Forex Factory Reports 8.03.2022

 

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.

Weekly Newsletter 1108: Trading Crude Oil Volatility & Futures Support Resistance Levels for the Week Ahead

Posted on by Ilan

Cannon Futures Weekly Newsletter Issue # 1108

Dear Traders,

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Crude Oil Futures Volatility Offers A “Different Market Personality” Than Stock Index Futures. Here Is Some Of The Things You Need To Know About Day Trading Crude Oil Futures:

By: Ilan Levy-Mayer, Cannon Trading Commodities Broker & VP
Crude Oil is one of MY favorite futures market for day trading. Before I dive in and share with you how the volatility in crude oil fits my risk tolerance for day trading and provide a couple of chart examples, we should review some of the specifications of Crude Oil Futures.
Crude Oil Futures have monthly expiration. So each month we trade a different contract month, so one needs to know when is the first notice day and last trading day for crude oil futures in order to always make sure we are trading the proper month with the most liquidity and avoid any chance of getting into delivery situation.
Next is the contract size. Crude Oil futures are based on 1000 barrels. To be honest from a day trading perspective all I care is that each tick or 1 cent fluctuation is $10 against me or in my favor per contract. That means that a move from 92.94 to 92.74 = $200.
Another factor is trading hours. At the time I am sharing my thoughts with you, April 8th 2013, crude oil futures trade on the CME Globex platform and trade from 5 PM CDT until the next day at 4 PM CDT. That is 23 of straight trading hours. I definitely don’t recommend day trading this market 23 hours…but it is good to know the trading hours.
Volume in crude oil futures is pretty good to trade in my opinion. Averaging about 300,000 contracts per day.
One last pointer to touch on is the API (American Petroleum Institute) report that normally comes out Wednesday at 9:30 CDT (on short weeks, holidays etc. , this report will be pushed to Thursday at 10 AM CDT). I tell my clients that this report is way too volatile and I like to be out 5 minutes before and not resume trading 5 minutes until after the report comes out. This report by itself deserves a writing but on short, the report provides information on how our stock pile is doing ( = supply/demand) and the market will move based on the numbers versus what was expected. Again as a day trader, your main job is to know about this report, when it comes out and in my opinion stay out of the market during this time..
Would you like to contact Ilan or any of our brokers for more feedback? We are happy to help!
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Are you using Sierra charts and looking to implement their Teton order routing?
If so, look no further, Cannon can assist you in getting set up!
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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 when it comes to Futures Trading.

Futures Trading Levels

08-01-2022

Futures Trading Support Resistance Levels 8.01.2022

Weekly Levels

Weekly Support Resistance Levels

 

Reports, First Notice (FN), Last trading (LT) Days for the Week:

https://mrci.com

Date Reports/Expiration Notice Dates
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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 herein 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

WYNTK before trading July 29th + Futures Trading Levels & Reports 7.29.2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

What you need to Know before trading July 29th

December gold is now front month.
More Earnings numbers tomorrow , most before market opening Exxon Mobil XOM and Chevron CVX along with Procter and Gamble PG all three with the inflation piece as part of their stories. In addition , another hot inflation data point is Personal income and Outlays released at 7:30 am CDT before Equity market open.
Tomorrow is last trading day of the month. First and last trading days of the month can at times have unique characteristics.

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 when it comes to Futures Trading.

Futures Trading Levels

07-29-2022

Futures Trading Levels 7.29.2022

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

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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.

Daily Mini NQ Chart Review + Futures Trading Levels 7.27.2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Consistency, Discipline, Expectations

FED raises rates by 75 basis points as widely expected.
market rallied pretty hard in similar fashion to the last FOMC (which was followed by a large sell off after….) Will be interesting to see market and price action during the last two trading days of the week.
On a different topic:
When was the last time you evaluated yourself when it comes to trading?
Are you consistent or do you change methodology every other week?
Are you discipline or as soon as you hit a large losing day you throw away all your rules out the window?
Are you realistic with your expectations or do you really expect to day trade and be profitable every single trading day?
These are just some questions/pointers to help you in this tough journey called trading.
More to follow in the next few blogs.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.
Daily Mini NQ Chart

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 when it comes to Futures Trading.

Futures Trading Levels

07-28-2022

Futures Support + Resistance Levels 7.27.2022

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

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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.

FOMC Tomorrow + Futures Trading Levels for 7.27.2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

FOMC Tomorrow – Fed decision

Big day tomorrow! More than a few reports including crude oil numbers and most important, FOMC – Fed decision.
Looks like the FED will raise rates between 50-75 basis points. currently 75% for 0.75 hike)
The exact figure?
How many fed governors voted? language? future projections?
All these factors will be KEY.
The following are my PERSONAL suggestions on trading during FOMC days:
·    Reduce trading size
·    Be extra picky = no trade is better than a bad trade
·    Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 3725.00 with a stop at 3719.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 3719.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).
·    Expect the higher volatility during and right after the announcement
·    Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
·    Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
·    Keep in mind statement comes out at 1 Pm Central time, the news conference which dissects the language comes out 30 minutes later so the volatility window stretches out.
·    Know what the market was expecting, learn what came out and observe market reaction for clues
·    Be patient and be disciplined
·    If in doubt, stay out!!
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

07-27-2022

Futures Trading Levels Support + Resistance 7.27.2022

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

986b504a 4b54 44ff b868 fadca2fcc28e

 

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.

FOMC this week + Futures Trading Levels for 7.26.2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

CME Fed Watch Tool

By John Thorpe, Senior Broker
“Wall Street’s Big Adventure” Not only do many analysts consider this the biggest earnings week of the 2nd Quarter but Fed Chairman Jerome Powell will be taking about the Fed’s newest rate decision. If you have followed previous blog posts you will know how to use this tool. Remember, the market discounts expectations and any surprise from expectations are what actually move the markets in the short run.
Tuesday after the market close MSFT, GOOGL, GOOG, MCD and GM, Earnings estimates for 4 of those five are slightly positive on a per share basis, except for GM, -7.43 percent decline from the past quarter… moving on to Wednesday we have META formerly Facebook after the close -4.26% expectation and on Thursday AAPL and AMZN .
2ND Quarter GDP will be released Pre -Open at 7:30 CDT: according to Econoday.com Second-quarter GDP is expected to accelerate to 0.5 percent annualized growth versus first-quarter contraction of 1.6 percent. Personal consumption expenditures, after the first-quarter’s plus 1.8 percent rate, are expected to rise 1.3 percent.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

07-26-2022

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Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

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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.

Weekly Newsletter 1107: An Introduction to Crude Oil + Futures Levels for the Trading Week Ahead

Posted on by Ilan

Cannon Futures Weekly Newsletter Issue # 1107

Dear Traders,

Like us on FaceBook!
Get Real Time updates and market alerts on Twitter!

Trading 101: Free Course – An Introduction to Crude Oil

Today’s energy crude oil market is truly global. From West Texas Intermediate (WTI) to Brent and DME Oman, the crude oil market fuels many of the world’s leading economies and impact nearly every nation. Energy crude oil futures and options provide the tools the industry needs to manage risk. Explore the key concepts and structure of today’s energy markets, including the factors that affect supply and demand and move prices. Learn how to use these instruments to hedge exposure and unlock opportunities.
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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 when it comes to Futures Trading.

Futures Trading Levels

07-25-2022

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Weekly Levels

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Reports, First Notice (FN), Last trading (LT) Days for the Week:

https://mrci.com

Date Reports/Expiration Notice Dates
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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 herein 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

Price Banding + Futures Trading Levels for July 22nd, 2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Price Banding

By Mark O’Brien, Senior Broker
The CME Group – where stock index futures like the E-mini S&P 500, E-mini Nasdaq, E-mini $5 Dow Jones and other markets trade – has several measures in place to ensure that their markets work in an efficient and orderly manner during volatile market conditions. Among the more commonly-known put in place by the CME Group are their price limits and circuit breakers.
Another, maybe less-commonly known, but very important measure to understand is price banding.
Price banding is a mechanism designed to help prevent erroneous, unintended trades. Price banding rejects orders outside a given range, or band. Bands are calculated dynamically, meaning they’re constantly moving, based on the last traded price of a market. A price band is defined as the highest bid price and lowest ask price from the last traded price within which a non-stop order – like a limit order – can be placed.
For example:
The price banding for the E-mini S&P 500 is 6 points.
If the market’s last trading price is 3980.00, its price band is between 3986.00 (bid), 3974.00 (ask). If a BUY LIMIT order is placed with a LIMIT PRICE of 3988.00, because the LIMIT PRICE is outside/above the upper 6-point price band the order would be rejected.
If a SELL LIMIT order is placed with a LIMIT PRICE of 3942.75, because the LIMIT PRICE is outside/below the lower 6-point price band the order would also be rejected.
Price banding is applied to each CME Group produce individually. A complete list of banding information for CME Group markets is available via this Excel reference sheet.
A short video further explaining price banding – and price limits – is available at the CME Group web site on this page.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

 

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.

As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

07-22-2022

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Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

 

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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.

Price Limits & Circuit Breakers + Futures Trading Levels for July 21st 2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Price Limits and Circuit Breakers

By Mark O’Brien, Senior Broker
The CME Group – where stock index futures like the E-mini S&P 500, E-mini Nasdaq, E-mini $5 Dow Jones and other markets trade – has several measures in place to ensure that their markets work in an efficient and orderly manner during volatile market conditions.
Given the volatility in several markets over these last many months – and of course the volatility that almost inevitably lies ahead – it’s important to know these measures. Among the more commonly-known put in place by the CME Group are their price limits and circuit breakers.
Price limits are the maximum price range permitted for a futures contract in a trading session. Price limits vary from product to product, as does what happens when a price limit is hit. In some markets, trading is temporarily halted from moving beyond the price limit until it can be expanded. In others trading is stopped from moving beyond a price limit for the day.
Circuit breakers are price limits that, when reached, pause a market for a particular period of time. Most circuit breakers are “traditional,” where a series of price limits are set above and below a reference price, usually based on the market’s previous settlement price. Once a circuit breaker is triggered, the next level of circuit breaker comes into effect. Some circuit breakers are “dynamic,” meaning they move with the market and allow them to move a certain distance within a certain period of time, usually an hour. Each CME Group product has its own assigned values used to calculate the circuit breakers levels. Typically, they’re calculated as percentages of their previous settlement price.
By establishing these types of price fluctuation limits specific to each product, the exchange can help restrict a market from moving too far or too fast in a specific period of time.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

07-21-2022

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Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

 

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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.

Invaluable FedWatch Tool + Futures Trading Levels for July 20th 2022

Posted on by Ilan
Get Real Time updates and more on our private FB group!

Invaluable FedWatch Tool

By John Thorpe, Senior Broker
I have highlighted this tool before. the totally neat feature of this tool is it is based in the Fed Funds futures contract price movements. Because it is a reflection of market sentiment, this makes it relatively easy to see and sense the actual price discounting that is going on in the equity and bond markets and what represents “Fair Market Value” as this tool changes on a day to day basis. Imagine a zero news day. This tool would not provide any percentage changes, the FF Futures wouldn’t have moved much and the only “wiggle” in the stock indices would not be news driven and of only a technical nature. Now Imagine a day with a lot of information, as that information streams into the consciousness of traders “discounting of future prices” moves the market. As the importance of interest rate decisions have been providing market direction recently, I recommend every traded keep this link saved to your browser favorites as we approach the next and subsequent Fed Meetings . ( you can look at what the market expects for Futures Meetings as well using this tool) Spend some time with this tool https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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 when it comes to Futures Trading.

Futures Trading Levels

07-20-2022

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Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports, Source: 

Forexfactory.com

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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.

RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.