Quadruple Witching Tomorrow.... & Trading Levels 9.18.2020 - Support & Resistance Levels

Support & Resistance Levels

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Quadruple Witching Tomorrow…. & Trading Levels 9.18.2020


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Dear Traders,

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Quadruple witching tomorrow….
Futures, futures options, stock options and single stocks all expire tomorrow morning right on the open of the stock market.
Keep in mind that September mini SP and it’s relatives ( mini Dow, mini Nasdaq etc.) EXPIRE tomorrow and cash settle based on special settlement price….Markets can get volatile tomorrow morning right before and around the open.
The September contract will simply cease to trade. If you have not switched to December yet, now is the time…..
Know the rules, understand current margins, know where the circuit breakers are/ limit moves.
Figure out your max risk.
After you do all that, feel free to trade but jumping in and trying to trade without the basic knowledge above is like jumping into a stormy ocean without a life vest…..
The path for USD has been rocky since its highs of mid-March, but the degree of rockiness depends on the path you’re taking. Continued complications around Brexit have now sent the pound (GBP) lower against the dollar on the year, while the euro’s (EUR) take on this news has been mostly bullish. Then there’s the yen (JPY) that is trying to find out what exactly Japan’s new prime minister, Yoshihide Suga, might mean for the BOJ.
Euro-Pound Push and Pull
If the trend around Brexit continues, then the pound and euro will cancel each other out and leave little in the way of a US Dollar reaction; and the same goes for this one-off news story that’s specific to Japan and its currency. So what will move the dollar?
What Will Move the Dollar?
Interest rates are still hugging 0%, which makes the next move either into negative territory or higher to normal ranges. Those thinking the former is in play might look at a bearish Small US Dollar (SFX) futures position, while those in the latter group could employ their ideas by trading the dollar from the long side. Finally, the upcoming election creates potential for USD movement. The election of Donald Trump, a republican, on November 8, 2016, was met by a 1% rally in the dollar the following day and a 6% rise for the rest of the year. SFX could see some volatility as November nears.
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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


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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.

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