{"id":19056,"date":"2023-10-04T12:27:05","date_gmt":"2023-10-04T20:27:05","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19056"},"modified":"2023-10-04T12:27:05","modified_gmt":"2023-10-04T20:27:05","slug":"crude-drops-over-4-50-futures-trading-levels-for-oct-5th","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/crude-drops-over-4-50-futures-trading-levels-for-oct-5th\/","title":{"rendered":"Crude Drops over $4.50! + Futures Trading Levels for Oct. 5th"},"content":{"rendered":"
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What you need to know for the last two trading days of the week<\/h3>\n

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

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

As yesterday\u2019s price action in stock index and interest rate futures demonstrated, there are times when good data is bad news.\u00a0 Yesterday, after three consecutive months of falling numbers, the Labor Department reported that there were 9.6 million job openings in the month of August in its Job Openings and Labor Turnover Survey, commonly referred to by its acronym: JOLTS.<\/p>\n

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Job openings have been slowly declining for the last 16-17 months from their April \u201922 highs near 12 million \u2013 likely to the nod of approval by the Federal Reserve as it has raised rates in part to reduce labor demand in its efforts to cool the economy.\u00a0 A larger-than-expected increase like August\u2019s numbers helps make the prospect of further interest rate hikes less likely to be taken off the table, despite the Fed\u2019s pause at the last meeting.<\/p>\n

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The JOLTS rebound also increases the scrutiny this Friday\u2019s non-farm payrolls numbers will receive from traders.\u00a0 Already, the E-mini S&P 500 has slipped \u00b1400 points \u2013 a $20,000 per contract move \u2013 since its late-July push up to 4685, including yesterday\u2019s 1.4% hit.<\/p>\n

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

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Last Wednesday, during the early hours of the Thursday session \u2013 so, technically just four trading sessions ago \u2013 November crude oil<\/a> traded briefly over $95 per barrel.\u00a0 This after a \u00b1$3.50 per barrel advance above $94.00 per barrel during Wednesday\u2019s session.\u00a0 As of this typing, crude oil is in the throes of a \u00b1 $5.00 \/ 5.6% correction and within pennies of trading to $84 per barrel: an $11,000 per contract move.\u00a0 Along side it, November heating oil<\/a> corrected \u00b132 cents per gallon, a \u00b1$13,400 per contract move.<\/p>\n

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Helping today\u2019s sell-off was yesterday\u2019s American Petroleum Institute report showing stocks at the Cushing, Oklahoma hub \u2013 where West Texas oil futures deliveries are processed \u2013 had increased for the first time in eight weeks.\u00a0 Likely because no surprises accompanied the announcement, crude took the news in stride that Saudi Arabia and Russia announced that the voluntary production cuts currently in place will remain until the end of the year as planned, despite recent higher prices.<\/p>\n

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

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New all-time highs in orange juice futures<\/a> just keep coming.\u00a0 Last month, November orange juice futures gained another \u00b137 cent per pound \u2013 a \u00b1$2,550 per contract move \u2013 to trade over $3.50 per pound.\u00a0 Ongoing disease called citrus greening has damaged upwards of 75% of Florida\u2019s orange crop.<\/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

10-05-2023<\/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 week \u00a0By\u00a0Mark O’Brien,\u00a0Senior Broker   General:\u00a0 As yesterday\u2019s price action in stock index and interest rate futures demonstrated, there are times when good data is bad news.\u00a0 Yesterday, after three […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,231,76,119,230,30,61],"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-19056","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-commodity-brokers-2","category-commodity-trading-2","category-crude-oil","category-day-trading-2","category-futures-broker-2","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\/19056","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=19056"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19056\/revisions"}],"predecessor-version":[{"id":19057,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19056\/revisions\/19057"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}