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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Globex® & Ice Labor Day Holiday Schedule 2016

Posted on by Ilan

Globex® Labor Day Holiday Schedule 2016

Note: Session orders entered on Sunday are for trade date Tuesday, Sep 6 and will continue working until Tuesday’s close unless otherwise noted.

Equity, Interest Rate, FX, Energy, Metals & DME Products

Friday, Sep 2

1600 CT / 1700 ET / 2100 UTC – Regular close

Sunday, Sep 4

1700 CT / 1800 ET / 2200 UTC – Regular open for trade date Tuesday, Sep 6*

Monday, Sep 5

1200 CT / 1300 ET / 1700 UTC – Trading halt (pre-open)

1700 CT / 1800 ET / 2200 UTC – Products resume trading

Tuesday, Sep 6

1600 CT / 1700 ET / 2100 UTC – Regular close

Grain, Oilseed & MGEX Products

Friday, Sep 2

Regular close – Per each product schedule

Sunday, Sep 4

1600 CT / 1700 ET / 2100 UTC – Pre-open for trade date Tuesday, Sep 6*

Monday, Sep 5

1900 CT / 2000 ET / 0000 UTC – Open for trade date Tuesday, Sep 6

Tuesday, Sep 6

0700 CT / 0800 ET / 1200 UTC – MGEX Apple Juice – Regular open

Regular close – Per each product schedule

Livestock, Dairy & Lumber Products

Friday, Sep 2

Regular Close – Per each product schedule for:

  • Livestock
  • Dairy
  • Lumber

Monday, Sep 5

1700 CT / 1800 ET / 2200 UTC – Dairy markets open for trade date Tuesday, Sep 6*

Tuesday, Sep 6

830 CT / 930 ET / 1330 UTC – Livestock markets open

900 CT / 1000 ET / 1400 UTC – Lumber market open

Regular close – Per each product schedule

More details at: http://www.cmegroup.com/tools-information/holiday-calendar/files/2016-labor-day-holiday-schedule.pdf

*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

Ice Futures Labor Day Holiday Trading Schedule 2016

Detailed holiday hours: 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.

Behavior of Markets Last Trading Day of the Month 8.31.2016

Posted on by Ilan

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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 Wednesday August 31, 2016

Hello Traders,

Greetings!

December bonds are now front month for those of you trading bonds, ten years etc.!

December silver and December gold are also the front month!

Tomorrow is the last trading day of the month. Certain markets will experience certain trading behavior on the last trading day of the month.

Bonds are known to make some sharp moves right around 1:30 Central time ( 30 minutes before what used to be the pit close)

Here is a bond chart from last month’s last trading day….Pay attention to the WIDE range during the whole day and the large moves in the last hour!
Bond Chart July 31st 2016

Also tomorrow is Wednesday. Crude Oil numbers come out.

Here is what Crude did last week….1 minute chart right before and after report came out…
Crude 1 Minute Chart

Keep a trading journal! Write notes.

Continue reading “Behavior of Markets Last Trading Day of the Month 8.31.2016”

Check Out Two Futures Trading Systems Live Results! 8.30.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Tuesday August 30, 2016

Hello Traders,

Greetings!

December bonds are now front month for those of you trading bonds, ten years etc.!

August is almost over…..and it has been a pretty low energy month as far as trading is concerned. Between summer vacations in the US and Europe and the fact that markets got tired from the extreme BREXIT volatility…August was a very low energy trading month with low volatility. Volatility comes and goes in cycles and the  longer the period of low volatility is, the bigger the moves that will follow when some Geo Political event finally shakes the markets….so be ready!

On a different note, check out the live results on the following two trading systems which can be traded with as low as $5,000 per system!! Feel free to reach out to your cannon contact with any question or if you need help evaluating the trade systems below:

MJ Crude system

MJ Mini Russell system

Continue reading “Check Out Two Futures Trading Systems Live Results! 8.30.2016”

Crude Oil Outlook 8.26.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Friday August 26, 2016

Hello Traders,

Greetings!

Crude Oil Futures Are Reaching a Decision Point
I like the potential of being bullish on crude oil futures for next few weeks! Here are a few ways you can do this:

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Crude oil futures have been providing quite a bit of excitement the last few months. Most traders, myself included, like excitement when it comes to trading. It means two things: opportunities and risks.

The recent pullback in crude oil future prices present a buying opportunity, in my opinion.

Looking at the daily chart of crude oil below, you will see that I marked what I feel should be a support level for resumption of the upside move.

Read the Rest of the article along with charts here

Continue reading “Crude Oil Outlook 8.26.2016”

Mental Stops? – Trading Futures 8.25.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 August 25, 2016

Hello Traders,

Greetings!

Mental Stops…..

Every so often I hear clients tell me, ” they don’t use hard stops…they use mental stops”

While the mental stop idea can work 8 out of 10 times, the 1-2 times it does not work will wipe out your account.

Try using mental stops when you were trading crude yesterday and all of a sudden news about Iran looking to comply with production hit the market and market went up over 80 cents in few minutes…

or maybe you had a mental stop on long gold early this morning when all of a sudden in a few minutes gold dropped $14 per contract.

I have seen it happen before with the SP and other stock indices, I have seen it happen in all markets I watch and trade at one time. it’s not a question if, but rather when. Big moves happened and will happen. Not every day, not in every market at the same time but they will happen in all markets at one given time or another.

So unless you have unlimited amounts of risk capital and/ or crystal ball-  use hard stops in the system OR learn how to hedge your positions using options and weekly options.

Continue reading “Mental Stops? – Trading Futures 8.25.2016”

Trading Crude Oil Futures on EIA Report Time 8.24.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Wednesday August 24, 2016

Hello Traders,

Greetings!

Tomorrow, like almost every Wednesday, we will have EIA report at 9:30 AM Central Time. This report definitely moves the energy sector, crude oil, heating oil and unleaded gas.

The one I follow the most, as I feel it is suitable for day trading is Crude oil. I have shared many of my observations about trading crude on this blog before. Today I want to talk specifically about the report.

Two main ways in my opinion to trade the report:

  1. Don’t trade it…Get out 5 minutes before and wait 5-10 minutes after the smoke clears before you resume trading.
  2. Be flat before the report and place limit orders with corresponding stops and profit targets to buy low and/ or sell high. Perhaps look at bollinger bands on the 15 minute chart and use sell and buy limits around the extreme. If you brave enough , have enough risk capital and experience to go about it, make sure you have stops attached to these limit orders as the market can move very FAST. Not just that, you can also expect slippage. That being said, I have seen crude oil make some extreme moves right on the number only to come back either way before making another extreme move…If you looking to try this I HIGHLY recommend to use a demo account first and see how it goes. Don’t jump in with real money just because you read about it somewhere….( here in this case).

Below you will see 10 seconds chart for last Wednesday to give somewhat of an example, followed by the 15 minute chart below.

Continue reading “Trading Crude Oil Futures on EIA Report Time 8.24.2016”

Trading Futures Using Fear and Greed 8.23.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Tuesday August 23, 2016

Hello Traders,

Greetings!

Trading 201: Day Trading Using fear and greed ( using Crude Oil futures as an example)

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 markets 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 ofCrude Oil Futures.

Crude Oil Futures have monthly expirations. So each month we trade a different contract month, so one needs to know when the first notice day and last trading day for crude oil futures are, in order to always make sure we are trading the proper month with the most liquidity and avoid any chance of getting into a 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 ( I wrote this one a while back but the examples and logic are still very current!) , 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.

Continue reading “Trading Futures Using Fear and Greed 8.23.2016”

Trading Levels for Futures 8.19.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Friday August 19, 2016

Hello Traders,

Greetings!

As some of you know, Cannon has the advantage of clearing through different clearing houses using multiple trading platforms. Note below applies only to clients trading through Transact.

Update to our Clients using Transact and Shogun:

As many of you know, Transact gatekeeper experienced a failure today which prevented some clients from logging in to the software and trade earlier today.

Many clients/ traders who were already logged in, did not experience any interruptions to their trading.

We apologize for the inconvenience this may have caused to some clients. This is the first time we experienced a failure such as this in our 14 years of clearing business through Transact.

Continue reading “Trading Levels for Futures 8.19.2016”

Trading Weekly Futures Options 8.18.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 August 18, 2016

Hello Traders,

Greetings!

 I promised yesterday a full article about weekly options, so here it is written by my colleague John Thorpe.

While this specific article focuses on mini SP500 weekly options, keep in mind that the information is relevant to other weekly options such as gold, crude oil, bonds, currencies and more!

Continue reading “Trading Weekly Futures Options 8.18.2016”

Have You Heard About Weekly Options? 8.17.2016

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Wednesday August 17, 2016

Hello Traders,

Greetings!

Weekly options:

In the last few years the CME group added weekly options to a variety of markets. It started with the highly liquid mini SP 500 contract and then trickled down to other markets such as crude oil, gold, bonds, grains and currencies to name a few.

So what’s the big deal you may ask as there are many different futures contacts and options contracts listed on more than a few global exchanges?

From my point of view, the weekly options are a great tool for short term traders to have in their trading arsenal for two main reasons:

  1. Ability to use these weekly options as a way to speculate on the direction of the markets without the need to use stops.
  2. The weekly options offer the short term traders who use futures an alternative to placing stops by using the options as protection/insurance.

If you ever day-traded futures or traded futures for short term duration ranging from hours to days you know that trading without a stop is detrimental for your physical and financial well being…yet that being said many of us got stopped out to see the market coming right back to where we thought and wanted it to move towards…. Continue reading “Have You Heard About Weekly Options? 8.17.2016”

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.