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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.


Quadruple Witching + Futures Trading Levels 6.17.2022

Get Real Time updates and more on our private FB group!
After starting with a mildly positive tone following yesterday’s Fed 0.75% rate hike – the biggest U.S. rate hike in 22 years – global markets have turned sharply to the downside. The turning point likely came with a surprise 0.50% rate hike by the Swiss National Bank – the first rate hike in 15 years from a central bank with a long-standing dovish policy stance. That increased market anxiety over how entrenched rising inflation has become around the globe.
On a daily basis, U.S. stock indexes have attained oversold status, so an occasional flight-to-quality issue might provide some temporary support. Take into account that the markets remain in a steep downtrend as investors brace for a possible recession and sellers could remain active with so much anxiety and uncertainty.
August Crude Oil is now FRONT MONTH.
Juneteenth Trading Schedule: Markets will observe modified trading hours this Monday in observance of Juneteenth. Click the LINK for more info.
Rollover Notice: September is now the front month for Stock Index futures like E-mini and Micro S&P, Nasdaq, Dow Jones and Russell 2000 etc. as well as for financials like ZB and ZN and currencies as well, like 6E, 6B etc.
Click the LINK for more info.
June stock index futures will settle into cash on Friday morning right around the open.

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

06-17-2022

 

 

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Economic Reports, Source: 

Forexfactory.com

 

 

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.

Posted in: Future Trading News   | futures trading education  

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75 Basis Hike – Now What? + Futures Trading Levels 6.16.2022

Get Real Time updates and more on our private FB group!
We heard FOMC decision and commentary LIVE while it was taking place!
Major news and much more are offered by TradeTheNews.com and Cannon offers a free trial for this premium service utilized by trading professionals across the globe!
FREE TRIAL: TradeTheNews.com News and Out-Cry SQUAWK BOX Channels, The equivalent of a financial police radio, TradeTheNews.com covers economic numbers, interest rate decisions, stock up/down grades, rumors, central banker speak, energy news, terrorism, geopolitical developments and natural disasters in real-time.
08:38 *(US) FED CHAIR POWELL: DOES NOT EXPECT 75BPS HIKES TO BE COMMON; EITHER 50BPS or 75BPS RAISE SEEMS MOST LIKELY AT NEXT MEETING – POST RATE DECISION COMMENTS – Next meeting could well be decision between 50bps and 75bps; Would take us to a more normal range and then we’d have optionality on speed of rates moving forward – SEP shows we want to see policy at modestly restrictive level at end of this year; That’s generally a range of 3-3.5% – Fed will try not to add uncertainty – Further surprises in inflation could be in store; Will need to be nimble – In current circumstances we think it’s helpful to provide more clarity than usual on policy; Markets show they understand the path we lay out – When I offered guidance of 50 bps hike at last meeting, I said that if data came in worse than expected, we would consider more aggressive move; CPI and inflation expectations data last week made us realize 75bps was way to go – Did not want to wait another six weeks for larger move; We thought strong action was needed at this meeting – We would like to see a series of declining inflation readings; Looking for ‘compelling evidence’ of inflation abating – We had expected to see inflation flattening out by now – Demand is still very hot; We would like to see demand moderating – We’d like to see labor market in better balance between supply and demand; Feels there is a role for Fed in moderating labor demand – Fed will not be completely model driven in our approach – Neutral rate is ‘pretty low’ these days; We will find out neutral rate empirically – Data shows inflation expectations are still in place where short-term inflation high but comes down sharply over the medium term; Last week’s Univ of Michigan inflation reading was ‘quite eye-catching’ – This was a very unusual situation where we got new inflation data that affected the outcome of the decision late, during the blackout period – What we want to see is a series of declining monthly inflation readings; We will not declare victory until we see compelling data that inflation is coming down – Clearly our goals are getting inflation to 2% while keeping the labor market strong; The pathways to achieving this have become more challenging due to factors outside of our control (like the Ukraine war) – Expectations are at risk due to high headline inflation – Consumer spending overall remains strong; No signs of a broader slowdown in the economy; People are talking about a slowdown a lot due to higher gas prices and lower stock prices, but not seeing signs of broader slowdown – On rates there is always the risk of going too far or not far enough; Worst mistake we could make would be to fail on inflation and restoring price stability, that is the bedrock of the economy – We don’t think we are seeing a wage/price spiral – I think the projections in the SEP would meet the test of a ‘softish’ landing; I do think it is possible, but the events of the last few months have created a greater degree of difficulty – We will have the Fed funds rate somewhere in the 2%’s by the end of the summer; We will also have more data by then – This is a highly uncertain environment; We will be determined but flexible – Have no reason to think that QT will lead to liquidity issues in the market- Carefully watching how much policy will affect housing market and residential investments – Source TradeTheNews.com
Rollover Notice: September is now the front month for Stock Index futures like E-mini and Micro S&P, Nasdaq, Dow Jones and Russell 2000 etc. as well as for financials like ZB and ZN and currencies as well, like 6E, 6B etc.
June stock index futures will settle into cash on Friday morning right around the open.

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

06-16-2022

 

 

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

 

 

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.

Posted in: Future Trading News   | futures trading education  

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Juneteenth 2022 Holiday Schedule for CME / Globex and ICE Exchange

Juneteenth 2022 Holiday Schedule for CME / Globex and ICE Exchange

 

*Dates and times are subject to change

If you have any questions, please call the CME Global Command Center at +1 800 438 8616, in Europe at +44 800 898 013 or in Asia at +65 6532 5010

Globex® Juneteenth 2022 Holiday Schedule for CME / Globex and ICE Exchange

More details at: http://www.cmegroup.com/tools-information/holiday-calendar.html 

ICE Futures Juneteenth 2022 Holiday Schedule for CME / Globex and ICE Exchange

Detailed holiday hours for ICE Futures: https://www.theice.com/holiday-hours

The above sources were compiled from sources believed to be reliable. Cannon Trading assumes no responsibility for any errors or omissions.  It is meant as an alert to events that may affect trading strategies and is not necessarily complete.  The closing times for certain contracts may have been rescheduled.

Posted in: Future Trading News  

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FOMC Tomorrow + Futures Trading Level for 6.15.2022

Get Real Time updates and more on our private FB group!
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.
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!!
Rollover Notice: September is now the front month for Stock Index futures like E-mini and Micro S&P, Nasdaq, Dow Jones and Russell 2000 etc. as well as for financials like ZB and ZN and currencies as well, like 6E, 6B etc.
ESU22 instead of ESM22.
June stock index futures will settle into cash on Friday morning right around the open.
Please contact a Cannon broker 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

06-15-2022

Futures Support and Resistance Levels

 

 

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

 

 

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.

Posted in: Future Trading News   | futures trading education  

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FOMC Week + Futures Trading Levels for 6.14.2022

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

FOMC Week!

By John Thorpe, Senior Broker
Federal Funds rate, the DOT Plot and CPI vs PCE
Wednesday , June 15th the U.S. Fed will release it’s guidance on short term interest rates in lieu of recent inflationary measures. One of the purposes of markets is to discount the potential for future events. When a rate announcement is made, price action in markets affected by the change tend to be muted. Conversely, a surprise announce will create more volatility in both directions as bids are cancelled, removing price floors or offers are cancelled removing price ceilings.
Here are some fascinating tools that are available to the novice and professional alike. If you have any questions about how to use them or read them please call your CannonTrading broker @ 800-454-9572.
First here is a snapshot of the consensus from
There is a futures contract based on the FOMC Fed Funds rate and it’s the 30 Day Federal Fund Futures contract, listed monthly ZQN22 will be the July FF Futures contract.
Please pull up the quote and feel free to trade this liquid contract.. The market prices actually reflect the probability of future rate changes. As most of us are aware, the Fed is currently in a rate hike mode and shouldn’t surprise you to know that by hiking short term interest rates, that’ should reduce the supply and appetite for cheap dollars. By raising rates, the fed would like to influence consumption of goods and services to stop the trend of inflationary price hikes across the broad economy.
The Fed has suggested during previous guidance that they key off of the PCE ( Personal Consumption Expenditures Price Index ) rather than the CPI (consumer Price Index) to base rate change decisions upon. A description of the differences can be found here https://www.bls.gov/osmr/research-papers/2017/st170010.htm
And Finally the CME has a wonderful “probalistic” tool called the “Fed Watch Tool” you will find the DOT Plot, probabilities of future rates all the way out to July 2023
Plan your trad and trade your plan.

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

06-14-2022

Support and Resistance Levels 6.14.2022

 

 

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

 

 

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.

Posted in: Financial Futures   | Future Trading News  

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Watch 4 short videos on the topics of:
  • Using Bollinger Bands and Parabolics
  • Using range Bars for Day-Trading
  • The concept of Price Confirmation
  • How to Use Support & Resistance Levels
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