{"id":19566,"date":"2024-03-06T13:32:55","date_gmt":"2024-03-06T21:32:55","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19566"},"modified":"2024-03-06T13:32:55","modified_gmt":"2024-03-06T21:32:55","slug":"ahead-of-nfp-futures-trading-levels-for-03-06-2024","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/ahead-of-nfp-futures-trading-levels-for-03-06-2024\/","title":{"rendered":"Ahead of NFP + Futures Trading Levels for 03.06.2024"},"content":{"rendered":"
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Bullet Points, Highlights, Announcements<\/h3>\n

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Heads up:\u202f<\/strong><\/p>\n

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Keep an eye out for Friday (7:30 A.M., Central Time) for the release of the monthly Non-farm Payrolls report by the Labor Department.\u202f It\u2019s widely considered to be one of the most important and influential measures of the U.S. economy.<\/p>\n

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To review, the Labor Dept.\u2019s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.\u202f The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.\u202f The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.<\/p>\n

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General:\u202f\u00a0<\/strong><\/p>\n

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It was truly an historical day yesterday.\u00a0 Both the decades-old\u00a0100-oz gold\u00a0futures contract<\/a> and the seven-year-old\u00a0Bitcoin\u00a0futures contracts<\/a> traded up to all-time highs.\u00a0 Apart from any of the stock index futures contracts, rarely do we see simultaneous all-time highs for futures contracts.\u00a0 April gold touched $2,150.50\u00a0per ounce (and is trading at new all-time highs again today), while the March Bitcoin futures hit\u00a070,195\u00a0\u2013 before a significant \u00b110,000-point sell-off in a span of four hours around mid-session.<\/p>\n

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But wait, there\u2019s more!\u00a0 May\u00a0cocoa<\/a>\u00a0traded up to its own all-time high yesterday as well, hitting $6,660\/metric ton intra-day.\u00a0 This is a \u00b1$26,000 move for cocoa in a little more than two months, having closed at $4,048\u00a0on Jan. 8.<\/p>\n

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Three consecutive all-time highs in futures:\u00a0gold,\u00a0Bitcoin\u00a0and\u00a0cocoa.\u00a0 Oh my!<\/p>\n

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Energy:\u202f\u00a0<\/strong><\/p>\n

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Managing Director and Global Head of Commodity Strategy at Royal Bank of Canada\u2019s Capital Markets Division.\u00a0 That\u2019s quite a title and it\u2019s how Helima Croft\u2019s business card reads.\u00a0 She\u2019s well regarded as a specialist in geopolitics and energy and along with her team of commodity strategists who cover energy and metals are seeing signs of the higher supply\/lower demand imbalance in crude oil tipping in the other direction.\u00a0 This is a macro prediction and not forecasting any sort of breakneck move to $100\/barrel and it rests in part on the view that the U.S. will be unable to replicate its \u201cblockbuster\u201d output of 2023.\u00a0 It also anticipates OPEC+ will look to press on with its aggressive production cuts having already committed to extending its 2.2 million barrel-a-day production cut through June.\u00a0 The projection also sees the conflict in the Middle East as instilling a risk premium in energy prices that isn\u2019t going away soon and may increase if the region sees a spread of hostilities.<\/p>\n

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

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Daily Levels for March 7th, 2024<\/h3>\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     Bullet Points, Highlights, Announcements   Heads up:\u202f   Keep an eye out for Friday (7:30 A.M., Central Time) for the release of the monthly Non-farm Payrolls report by the Labor Department.\u202f It\u2019s widely considered to be one […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,1243,231,76,230,782,30,61,1334],"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-19566","post","type-post","status-publish","format-standard","hentry","category-future-trading-news","category-bitcoin-futures","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-economic-trading","category-futures-broker-2","category-futures-trading-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\/19566","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=19566"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19566\/revisions"}],"predecessor-version":[{"id":19569,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19566\/revisions\/19569"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}