What You Need to Know for Trading July 15th + Futures Trading Levels for July 15th 2022 - Support & Resistance Levels

Support & Resistance Levels

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What You Need to Know for Trading July 15th + Futures Trading Levels for July 15th 2022

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Highlights and Announcements for 7.15.2022

By Mark O’Brien, Senior Broker
Financials: Yesterday’s release of the Labor Department’s Consumer Price Index showed prices that consumers pay directly climbed to 9.1% in June, a pace not seen in more than four decades. A broad array of food and energy categories rose by double digits year-over-year.
This morning, the Labor Department released the June Producer Price Index (PPI) showing the cost of wholesale goods and services jumped 1.1% in June and 10.8% year-over-year. The PPI report reflects what companies pay for supplies such as grains, fuel, metals, lumber, packaging and so forth.
Yet within the “headline” number, a few glimmers of hope that inflation might be abating surfaced. If food, gas and retail trade margins are omitted the so-called core PPI rose just 0.3% in June. That’s the smallest increase in the core rate in four months. In another good sign, wholesale food prices rose a scant 0.1% in June – the smallest advance in six months.
Economists still caution that steady progress has to be shown before it can be called a trend and households still devote a large share of their budgets to fuel and meals. And notwithstanding these hints that inflation is starting to recede, there is still pressure on the Federal Reserve to act more aggressively to slow rapid price increases throughout the economy.
Energies: Also yesterday, the U.S. Energy Information Administration reported crude oil inventories added 3.3 million barrels over the week to July 8. After falling ±7% on Tuesday – below $100 per barrel – and further yesterday, August crude oil touched $90.56 intraday today, certainly in part due to continued concern about the immediate future of the economy, both in the U.S. and globally.
Softs: Today Dec. cotton closed down its current daily price limit of 4 cents (a $2,000 per contract move) to $0.8371 (83.71 cents per pound), its lowest price since Sept. ’21. This marks a ±50-cent ($25,000) decline from its May 19 intraday high of $1.3379. Other softs such as coffee and sugar are seeing price declines in recent weeks as the U.S. dollar continues to strengthen, making U.S. dollar denominated commodities less attractive to international buyers.
Dollar: Speaking of U.S. dollar strength, this morning the September Euro FX futures contract traded down to an intraday low of exactly 1.0000, putting it briefly right on par with the U.S. dollar for the first time in two decades.  The euro has been losing ground against the dollar since the start of the year, when it hovered near $1.13 and well off its peak of nearly $1.60 in 2008.
As always, plan your trade and trade your plan. Please contact your broker or Cannon Trading with any questions.

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.

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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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