{"id":18343,"date":"2023-03-22T12:28:57","date_gmt":"2023-03-22T20:28:57","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18343"},"modified":"2023-03-22T12:28:57","modified_gmt":"2023-03-22T20:28:57","slug":"post-fomc-market-action-03-23-2023-trading-levels","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/post-fomc-market-action-03-23-2023-trading-levels\/","title":{"rendered":"Post FOMC Market Action? + 03.23.2023 Trading Levels"},"content":{"rendered":"
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Post FOMC:<\/h3>\n

By Mark O’Brien, Senior broker<\/p>\n

General<\/strong><\/p>\n

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Count \u2018em: nine in a row.\u00a0That\u2019s how many meetings the Federal Reserve has increased its key interest rate.\u00a0As of today\u2019s .25-point increase,\u00a0the federal funds rate target range stands at 4.75%-5.00%, the highest level since September 2007.\u00a0The vote by all 11 members of the\u00a0Federal Open Market Committee was unanimous.\u00a0Clearly, the bank runs that toppled Silicon Vally Bank and roiled the banking industry have been front and center in the financial world the last two weeks, but the situation fazed Fed officials little if at all.\u00a0\u201cThe U.S. banking system is sound and resilient,\u201d said the prepared policy statement released at 1:00 P.M., Central Time today.\u00a0Fighting inflation, it seems, remains the Central Bank\u2019s focus.<\/p>\n

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Metals<\/strong><\/p>\n

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On Monday, gold futures<\/a> (basis April) pierced through $2,000 per ounce intraday for the first time in a year as the U.S. banking crisis spread to Europe with Credit Suisse, a preeminent name in global investment banking, sought help from Switzerland\u2019s central bank and then put itself up for sale.\u00a0This marked a \u00b1$18,000 per 100-oz. futures contract move in just eight trading sessions from March 9.<\/p>\n

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Grains<\/strong><\/p>\n

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Wheat<\/a> continued its \u00b18-month slide from its multi-year spike high above $13\/bushel on the heels of Russia\u2019s invasion of Ukraine to lows not seen since July \u201921 as traders see improvement in U.S. winter wheat crop conditions and a lack of significant weather issues across key northern hemisphere wheat producers.\u00a0The front month May contract closed today at it\u2019s life-of-contract low of $6.22 \u00be per bushel.<\/p>\n

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Energy<\/strong><\/p>\n

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Crude oil<\/a> continued its almost 9-month decline in prices from over $120 per barrel last June to trade below $65 per barrel (basis May) on Monday, including a \u00b1$15 \/ $15,000 per contract fall from March 7, scarcely two weeks.<\/p>\n

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Natural gas<\/a> basis its May futures contract tested 32-month lows yesterday, threatening to punch through $2.00 per\u00a0million British thermal units (MMBtu).\u00a0With the North American winter heating season approaching its end, residential, commercial, and industrial gas demand has been on the decline.<\/p>\n

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Plan your trade and trade your plan.\u00a0<\/a><\/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 03-23-2023<\/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\/ Post FOMC: By Mark O’Brien, Senior broker General   Count \u2018em: nine in a row.\u00a0That\u2019s how many meetings the Federal Reserve has increased its key interest rate.\u00a0As of today\u2019s .25-point increase,\u00a0the federal funds rate target range stands at 4.75%-5.00%, the highest level since […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,119,230,237,30,1334],"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-18343","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-crude-oil","category-day-trading-2","category-energy-futures","category-futures-broker-2","category-gold-futures","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\/18343","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=18343"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18343\/revisions"}],"predecessor-version":[{"id":18345,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18343\/revisions\/18345"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=18343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=18343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=18343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}