{"id":19438,"date":"2024-02-07T13:27:14","date_gmt":"2024-02-07T21:27:14","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19438"},"modified":"2024-02-07T13:27:14","modified_gmt":"2024-02-07T21:27:14","slug":"cocoa-all-time-highs-futures-trading-levels-for-02-08-24","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/cocoa-all-time-highs-futures-trading-levels-for-02-08-24\/","title":{"rendered":"Cocoa all Time Highs! + Futures Trading Levels for 02.08.24"},"content":{"rendered":"
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New Highs and New Lows…..<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

Traders, keep an eye out for market movement across asset classes for trading opportunities \u2013 including beyond those markets you\u2019re typically focused on.\u00a0 With dozens of commodities available for trading on the major U.S. futures exchanges, there\u2019s potential out there.<\/p>\n

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

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Among the market sectors most traders follow closely, \u201cSofts\u201d is not high up the list.\u00a0 Yet similarly to other well-known futures contracts such as stock indexes, interest rate futures, energies, metals and grains, the softs category includes some of the world benchmarks for their underlying commodity, such as cocoa, coffee, orange juice and sugar.<\/p>\n

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As well, we\u2019re seeing recent price movement in some of these commodities that can be described as exceptional.\u00a0 For example, it\u2019s not hyperbole to say that the price of March cocoa<\/a> has skyrocketed over the last month \u2013 from both sides of \u00b1$4,200\/ton coming into the new year to today\u2019s $5,410\/ton close.\u00a0 That\u2019s a \u00b1$12,000 per contract move (contract size: 10 metric tons).\u00a0 This is an all-time high for the contract.<\/p>\n

Monthly Cocoa Chart for your review below!<\/a><\/p>\n

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After trading up to its own all-time highs above $4.00\/lb. around mid-Nov., March orange juice<\/a> sliced (pun intended) \u00b125% of its contract value, down below $3.00\/lb. by mid-Jan with a $2.9065 close on Jan. 16.\u00a0 This is a \u00b1$15,000 move.\u00a0 Yet this sell-off was brief as the contract then surged \u00b1$1.00 back to today\u2019s 10-cent up limit close of $3.9095, another \u00b1$15,000 per contract move \u2013 in 16 trading days.<\/p>\n

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

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Telling of all-time-highs would be lacking today without mentioning the E-mini S&P 500 and E-mini Nasdaq.\u00a0 As of this typing the March E-mini S&P 500 futures contract<\/a> is trading up \u00b140 points, nearly 10 points above Monday\u2019s intraday high and \u00b115 points above the 5000 threshold.\u00a0 As well, the March E-mini NASDAQ<\/a> has made a \u00b1200-point move up to its own all-time highs at \u00b117,850.\u00a0 For the E-mini S&P 500, this marks a \u00b1$40,000 per contract move since its last recent low back on Oct. 27.<\/p>\n

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

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In a comparison of contrasts, March natural gas<\/a> settled below $2.00 today to set a new life-of-contract low and furthering a \u00b1$4,000 per contract move in less than a month \u2013 with scarcely a retort by bulls.<\/p>\n

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\"March<\/p>\n

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Daily Levels for February 8th, 2024<\/h3>\n
\"#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<\/strong><\/div>\n
provided by:\u00a0<\/a>ForexFactory.com<\/a><\/div>\n
All times are Eastern Time ( New York)<\/div>\n
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon 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.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel   New Highs and New Lows….. By Mark O’Brien, Senior Broker Traders, keep an eye out for market movement across asset classes for trading opportunities \u2013 including beyond those markets you\u2019re typically focused on.\u00a0 With dozens of commodities available […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1434,231,76,230,782,67,30,61,234],"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-19438","post","type-post","status-publish","format-standard","hentry","category-charts-indicators","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-economic-trading","category-future-trading-news","category-futures-broker-2","category-futures-trading-2","category-trading-guide","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\/19438","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=19438"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19438\/revisions"}],"predecessor-version":[{"id":19442,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19438\/revisions\/19442"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}