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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.

Weekly Newsletter: What are the big boys up to? + Levels for May 1st, 2023

Cannon Futures Weekly Newsletter Issue # 1143

 

Join our聽private Facebook group聽for additional insight into trading and the futures markets!

In this issue:

  • Important Notices –聽FOMC is this Week!
  • Trading Resource of the Week –聽What are the “Big Boys” Up To?
  • Hot Market of the Week –聽June Heating Oil
  • Broker’s Trading System of the Week –聽Free Consultation
  • Trading Levels for Next Week
  • Trading Reports for Next Week

 

  • Important Notices – FOMC this week with statement and rate decision due Wednesday

The following are my PERSONAL suggestions on trading during FOMC days:
路聽聽聽聽Reduce trading size
路聽聽聽聽Be extra picky = no trade is better than a bad trade
路聽聽聽聽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 3925.00 with a stop at 3919.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 3919.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels).
路聽聽聽聽Expect the higher volatility during and right after the announcement
路聽聽聽聽Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
路聽聽聽聽Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
路聽聽聽聽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.
路聽聽聽聽Know what the market was expecting, learn what came out and observe market reaction for clues
路聽聽聽聽Be patient and be disciplined
路聽聽聽聽If in doubt, stay out!!
  • Trading Resource of the Week – What are the Big Boys up to?

Trading 102: Commitment of Traders Report – What Lies beneath

In this 24 page PDF booklet, Gary Kamen of Trends in Futures reviews the commitment of traders report, what it means, how traders can utilize it and much more.
Sign up and instantly download the booklet and learn about:
* History of the COT report
* Why is this report important?
* The new COT report
* How can you use the information in this report?
* And much more….

A Cannon broker聽will be able to assist, provide feedback and answer any questions.

 

Hot market of the week is provided by QT Market Center,聽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.
June heating oil completed its second downside PriceCount objective last month and corrected. Now, the chart is threatening to break down where new sustained lows from here would project a run to the third count in the 2.05 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 鈥榚xact鈥 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聽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.
Are you too busy to trade?聽Perhaps you’re not confident enough and you’re trading. Maybe you’re looking to the diversify your own trading with algorithmic trading or what we call automated trading. One of the best resources you can utilize is our Brokers will be happy to provide feedback and consultation based on your specific needs, risk tolerance, and goals.
Take advantage of our knowledge and experience and聽book a FREE, no obligation consultation.
Sign Up for a聽Free Personalized Consultation聽with a Broker from Cannon Trading Company
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary,聽confidential consultation聽with a Cannon Trading Company series 3 broker.
  • Trading Levels for Next Week

Daily Levels for May 1st, 2022
#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

Weekly Levels

 

  • Trading Reports for Next Week

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

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

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Trading Expertise As Featured In

Trading Tips You Can Use Right Away!


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
  • License 3 Broker at your Fingertips
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