{"id":18542,"date":"2023-05-24T12:22:40","date_gmt":"2023-05-24T20:22:40","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=18542"},"modified":"2023-05-24T12:22:40","modified_gmt":"2023-05-24T20:22:40","slug":"debt-ceiling-memorial-day-trading-hours","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/debt-ceiling-memorial-day-trading-hours\/","title":{"rendered":"Debt Ceiling & Memorial Day Trading Hours"},"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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The Rest of the Trading Week Ahead:<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n<\/div>\n

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

This week more than most (and just wait \u2018til next week), Washington D.C. holds the key to price action in the futures markets and more broadly, global economic sentiment.\u00a0As of this writing, there are still no signs that negotiations regarding the raising of the U.S. borrowing level are approaching a breakthrough.\u00a0Futures markets \u2013 particularly ones in the financial sector such as interest rate instruments, equity indexes and currencies are justified in their unease.\u00a0If the U.S. government misses an interest payment and defaults on its debt, even for just a few hours next week, its creditworthiness could suffer long-lasting consequences.\u00a0For proof, just examine the plans being made by this country\u2019s three major ratings companies \u2014 S&P Global Ratings, Moody\u2019s and Fitch Ratings.\u00a0All three are prepared to lower the rating of the United States as a borrower and not just temporarily if lawmakers come to a late agreement.\u00a0More proof: in 2011, even though a debt-limit deal was reached, the U.S. lost its S&P AAA credit rating \u2013 lowered to AA+ – and has not recovered since.<\/p>\n

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

Copper<\/a>, ever eyeing the economic conditions within the world\u2019s biggest consumer: China, continued to be disappointed in that country\u2019s flagging recovery and slid to lows not seen since last November.\u00a0The July contract lost over 10 cents today, intraday, a \u00b155-cent \/ $13,500 slide since the beginning of April.<\/p>\n

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Softs:<\/strong><\/p>\n

Today\u2019s intraday high of $2.9590 per pound in July orange juice<\/a> marks a new all-time high for this famed commodity (remember Eddie Murphy in Trading Places) reestablishing a significant price increase from \u00b1$2.00 at the beginning of the year.\u00a0The latest surge \u2013 a mere eight trading sessions \u2013 elevated prices \u00b155 cents \u2013 a \u00b1$8,250 move.<\/p>\n

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Currency:<\/strong><\/p>\n

More often observed for guidance on other markets\u2019 direction, the U.S. Dollar Index<\/a> has cautiously moved up \u00b1370 points \/ $3,700 off its lows near 100.00, a level down through which it has unsuccessfully tried to puncture three times this year, most recently at the beginning of the month.<\/p>\n

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It can\u2019t be understated as we approach the date an agreement would need to be in place to deal with our federal government\u2019s debt limit (approximately June 1) that traders across the commodities spectrum \u2013 including the aforementioned as well as metals, energies, even agricultural products \u2013 need to take heed when entering the markets.\u00a0As we approach that point in time, markets may be more and more on a knife-edge and quick to react.\u00a0While it\u2019s more fortunate that the situation is \u201clocal,\u201d as opposed to being influenced by international affairs and any developments tend to reported at a fast pace, trade with caution and alertness.<\/p>\n

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Plan your trade and trade your plan.\u00a0<\/a><\/p>\n

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\"Memorial
Memorial Day 2023 Futures Trading Schedule<\/figcaption><\/figure>\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 05-25-2023<\/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\/ The Rest of the Trading Week Ahead: By Mark O’Brien, Senior Broker   General: This week more than most (and just wait \u2018til next week), Washington D.C. holds the key to price action in the futures markets and more broadly, global economic sentiment.\u00a0As […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,231,76,230,30,236],"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-18542","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-futures-broker-2","category-metal-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\/18542","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=18542"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18542\/revisions"}],"predecessor-version":[{"id":18543,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/18542\/revisions\/18543"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=18542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=18542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=18542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}