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Reversal on the Russell 2000 Future? & Trading Levels 8.02.2019

Posted on by Ilan

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Wow! August started out with a very volatile session across the board!
Following the 0.25 rate cut, stock indices started off with a strong rally while metals were selling off, especially Palladium!
Around Central time, President Trump twitted about China tariffs and the result was a fast and furious sell off across the energy sector, grains, followed by a reversal on stock indices to the down side and reversal in gold to the upside.
That was an interesting session to say the least!!
Crude oil dropped over a $1 in less than 4 minutes and over $2.4 in 15 minutes….just one example.
be aware of volatility and when it changes be ready to adjust your trading as well. If you need a reminder why one should trade with stops, these moves definitely provided one.
A look at the mini Russell below, I think that if we can close tomorrow below 1544, it may be a strong bearish signal – my opinion.
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Good Trading

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Futures Trading Levels

08-02-2019

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Economic Reports, source: 

bettertrader.co

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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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