Weekly Newsletter - Learn About Commodity Spreads+ Futures Trading Levels for Oct. 2nd - Support & Resistance Levels

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.

Weekly Newsletter – Learn About Commodity Spreads+ Futures Trading Levels for Oct. 2nd

Cannon Futures Weekly Newsletter Issue # 1165

 

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In this issue:

  •  Important Notices – Trading Contest/Real Cash Prizes
  • Trading Resource of the Week – Trading Commodity Spreads
  • Hot Market of the Week – December Wheat-Corn Spread
  • Broker’s Trading System of the Week – Crude Oil Day Trading System
  • Trading Levels for Next Week
  • Trading Reports for Next Week
  • Important Notices

Trading Contest – Win Real Cash Trading Simulated Account!
Energy Futures Trading Competition
Duration 
Start: October 15th at 5:00 PM CT
End: October 27th at 4:00 PM CT
Prizes (Cash Prizes!!)
First Place: $2500
Second Place: $1000
Third Place: $650
Random Selection: $500

Competition Details

  • Trade any Group Energy Futures Products including Crude Oil, Micro Crude Oil, RBOB Gasoline, and Natural Gas
  • All Trading will be in the Front-Month Contract
  • All trades will be completed in the StoneX Trader Simulated Trading Environment using the white-labeled Contest Trader application
  • All traders will begin with a virtual account of $100,000.00 Your goal: increase the balance to as much as possible by the conclusion of the competition.
  • Top three traders with the highest P&L balance at the end will get a cash prize.
  • One winner will be chosen from the remaining participants to receive a cash prize.
  • The prizes to the winners shall be awarded in the form of a check (or any other form as reasonably determined by StoneX) and sent to the winner within ten business days of receiving the required tax documentation.

REGISTER NOW

  • Trading Resource of the Week – Trading Commodity Seasonal Patterns

 

When we talk about seasonal patterns in futures, we’re referring to certain conditions and events that repeat annually. Perhaps the most obvious of these is the annual cycle of weather from warm to cold and back to warm. However, the calendar also marks the annual passing of important events, such as the due date for U.S. income taxes every April 15th. Enormous supplies of grain at harvest dwindle throughout the year. Demand for heating oil typically rises as cold weather approaches but subsides as inventory is filled. Monetary liquidity may decline as taxes are paid but rise as the Federal Reserve recirculates funds. Such annual events create yearly cycles in supply and demand.
  • Hot Market of the Week – December WheatCorn

Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
December wheatcorn spread is threatening to negate and break down the September key reversal trade that looks to have failed to stabilize the break. At this point, new sustained lows would project a possible run to the third downside PriceCount objective to the 73 cent area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
  • Broker’s Trading System of the Week

With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
PRODUCT
SYSTEM TYPE
Intraday
Recommended Cannon Trading Starting Capital
$31,000.00
COST
USD 100 / monthly
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
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  • Trading Levels for Next Week

Daily Levels for October 2nd, 2023
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

  • Trading Reports for Next Week

First Notice (FN), Last trading (LT) Days for the Week: www.mrci.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 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.

 

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.
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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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