{"id":18262,"date":"2023-01-31T13:31:42","date_gmt":"2023-01-31T21:31:42","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18262"},"modified":"2023-01-31T13:31:42","modified_gmt":"2023-01-31T21:31:42","slug":"fomc-tomorrow-02-01-2023-trading-levels","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/fomc-tomorrow-02-01-2023-trading-levels\/","title":{"rendered":"FOMC Tomorrow + 02.01.2023 Trading Levels"},"content":{"rendered":"
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Get Real Time updates and more on our private FB group!<\/span><\/div>\n
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https:\/\/business.facebook.com\/groups\/1105191589938254\/<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Tomorrow is Wednesday, the first trading day in February 2023 as well as FOMC day.<\/p>\n

To add some fuel to the fire, we will have ADP, JOLTS and ISM PMI earlier in the day as well as crude oil<\/a> numbers!!<\/p>\n

Busy day to say the least\u2026\u2026<\/p>\n

The market is expecting a hike of 25 basis points.<\/p>\n

4111 is a MAJOR resistance level for the March SP 500<\/a>.<\/p>\n

Trading on FOMC days<\/p>\n

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The following are my PERSONAL suggestions on trading during FOMC days:<\/p>\n

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\u00b7\u00a0\u00a0\u00a0\u00a0Reduce trading size<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Be extra picky = no trade is better than a bad trade<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Choose 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).<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Expect the higher volatility during and right after the announcement<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Expect to see some “vacuum” ( low volume, big zigzags) right before the number.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Consider using automated stops and limits attached to your entry order as the market can move very fast at times.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Keep 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.<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Know what the market was expecting, learn what came out and observe market reaction for clues<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Be patient and be disciplined<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0If in doubt, stay out!!<\/p>\n

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A Cannon broker<\/a>\u00a0will be able to assist, provide feedback and answer any questions.<\/p>\n

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Chart below is provided by QT Market Center,\u00a0A 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.<\/p>\n

FREE TRIAL AVAILABLE<\/a><\/p>\n

PriceCounts – Not about where we’ve been , but where we might be going next!<\/p>\n

The July -Dec Corn spread<\/a> is extending it’s rally into new highs where the chart is taking aim at its first upside priceCount objective near 92 cents.\u00a0Curious about spreads? Read more here.<\/a><\/p>\n

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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 \u2018exact\u2019 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\u00a0www.qtchartoftheday.com<\/a><\/p>\n

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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.<\/p>\n

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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 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.<\/p>\n

Futures Trading Levels<\/strong><\/h3>\n

for 02-01-2023<\/p>\n

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\"#ES,
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG<\/figcaption><\/figure>\n

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Economic Reports, Source:\u00a0<\/strong><\/h3>\n

Forexfactory.com<\/a><\/p>\n

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This is not a solicitation of any order to buy or sell, but a current market view provided by\u00a0Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more on our private FB group! https:\/\/business.facebook.com\/groups\/1105191589938254\/ Tomorrow is Wednesday, the first trading day in February 2023 as well as FOMC day. To add some fuel to the fire, we will have ADP, JOLTS and ISM PMI earlier in the day as well as crude oil numbers!! Busy day to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[231,76,67,61],"tags":[1481,1480,1475,1471,1469,1467,1468,1474,1472,1477,1478,1476,1479,1470,1473,1172,1239,40,627,1277,36],"class_list":["post-18262","post","type-post","status-publish","format-standard","hentry","category-commodity-brokers-2","category-commodity-trading-2","category-future-trading-news","category-futures-trading-2","tag-cbot","tag-comex","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-futuresmarket","tag-futurestrader","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader","tag-cme","tag-commodities","tag-daytrading","tag-futures","tag-globex","tag-gold"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=18262"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18262\/revisions"}],"predecessor-version":[{"id":18263,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18262\/revisions\/18263"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=18262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=18262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=18262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}