{"id":19043,"date":"2023-09-27T12:25:01","date_gmt":"2023-09-27T20:25:01","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19043"},"modified":"2023-09-27T12:25:01","modified_gmt":"2023-09-27T20:25:01","slug":"us-moving-the-markets-futures-trading-levels-for-sept-28th","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/us-moving-the-markets-futures-trading-levels-for-sept-28th\/","title":{"rendered":"US$ Moving the markets? + Futures Trading Levels for Sept. 28th"},"content":{"rendered":"
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What you need to know for the last two trading days of the month<\/h3>\n

\u00a0By\u00a0Mark O’Brien,\u00a0Senior Broker<\/em><\/p>\n

General:\u00a0<\/strong><\/p>\n

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Thanks in large part to higher yield opportunities, foreign purchases of dollars to buy U.S. treasuries have pushed the U.S. Dollar Index<\/a> (basis Dec.) to a 10-month high today \u2013 trading to an intraday high of 106.24 \u2013 a climb of over $7,000 per contract since mid-July.\u00a0 The Federal Reserve held interest rates steady at their September meeting, but chairman Powell reiterated the Central Bank\u2019s goal of bringing inflation down to its 2% target, so further rate hikes were still on the table and \u201chigher for longer,\u201d remained the clarion call.<\/p>\n

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Currencies:\u00a0<\/strong><\/p>\n

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Conversely, the Euro<\/a> hit 6-month lows today, down to 1.0538 intraday, marking a \u00b1$9,500 per contract move in a little over two months.\u00a0 The Japanese yen<\/a> is threatening its key 150 level, where Japanese officials are seen as potentially intervening to shore up the currency (divide the futures price by 1 to find the conversion rate).<\/p>\n

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Metals:\u00a0<\/strong><\/p>\n

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New highs in the dollar have also translated to new lows in precious metals, particularly gold<\/a>, which lost \u00b1$29 per ounce today (basis Dec.) and broke through $1,900 per ounce, approaching early-February lows near $1883.\u00a0 This is a \u00b1$225 per ounce decline (\u00b1$22,500 per contract) from its May 4 highs.<\/p>\n

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Energies:\u00a0<\/strong><\/p>\n

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Despite China\u2019s tenuous economy \u2013 a key measure of demand for crude oil<\/a> globally \u2013 the supply side of the ledger has been the driving force behind rising energy prices.\u00a0 Production cuts made by OPEC+ and continuing through year\u2019s end have contributed to a plunge in storage levels in Europe and the U.S. to multi-month lows.\u00a0 Today the Energy Information Administration reported a crude oil<\/a> inventory draw of 2.2 million barrels for the week to September 22, spurring a \u00b1$3.50 per barrel advance above $94.00 per barrel intraday (basis Nov.)\u00a0 Yesterday, the American Petroleum Institute estimated that stocks at the Cushing, Oklahoma hub \u2013 where West Texas oil futures deliveries are processed \u2013 had slipped to below 22 million barrels, which is on the brink of the minimum operating level for that important terminal.\u00a0 The crude oil tanks around Cushing have approximately 91 million barrels of storage capacity.<\/p>\n

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Summary:\u00a0<\/strong><\/p>\n

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Futures traders remember the practical rule of thumb to keep an eye on the U.S. dollar.\u00a0 A stronger dollar in the global market will increase the price of commodities relative to foreign currencies.\u00a0 The higher price of commodities in foreign currency will work to lower demand and dollar-priced commodities.\u00a0 For a first-rate overview, check out the piece by Hannah Baldwin with the CME Group and contributed to Reuters: \u201cHow a strong dollar affects international currencies & commodities.<\/a>\u201d<\/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

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

09-28-2023<\/p>\n

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

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Improve Your Trading Skills<\/h2>\n
Get access to proprietary indicators and trading methods,\u00a0consult with an experienced broker<\/a><\/div>\n
\u00a01-800-454-9572\u00a0Explore trading methods.\u00a0Register Here<\/a><\/div>\n


\n<\/a>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\/ What you need to know for the last two trading days of the month \u00a0By\u00a0Mark O’Brien,\u00a0Senior Broker General:\u00a0   Thanks in large part to higher yield opportunities, foreign purchases of dollars to buy U.S. treasuries have pushed the U.S. Dollar Index (basis Dec.) […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,231,76,167,230,237,30,61,1334,236],"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-19043","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-commodity-brokers-2","category-commodity-trading-2","category-currency-futures","category-day-trading-2","category-energy-futures","category-futures-broker-2","category-futures-trading-2","category-gold-futures","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\/19043","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=19043"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19043\/revisions"}],"predecessor-version":[{"id":19044,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19043\/revisions\/19044"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}