{"id":19805,"date":"2024-05-22T12:33:46","date_gmt":"2024-05-22T20:33:46","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19805"},"modified":"2024-05-22T12:33:46","modified_gmt":"2024-05-22T20:33:46","slug":"federal-reserve-ruminations-inflation-concerns-persist-other-highlights","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/federal-reserve-ruminations-inflation-concerns-persist-other-highlights\/","title":{"rendered":"Federal Reserve Ruminations: Inflation Concerns Persist & other Highlights"},"content":{"rendered":"
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Bullet Points, Highlights, Announcements<\/h3>\n

By Mark O’Brien<\/p>\n

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

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At their April 30 \u2013 May 1 meeting, according to its minutes released later this morning, Federal Reserve officials once again expressed concern that inflation wasn\u2019t moving lower quickly enough, a theme that has started to weave its way into the \u201chigher for longer\u201d narrative expressed by the central bank through the last several meetings.\u00a0 Moreso, participants assessed that while policy was \u201cwell positioned,\u201d various officials mentioned a willingness to tighten policy further if warranted.<\/p>\n

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

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The Biden administration announced yesterday that it would sell off one million barrels of gasoline over the coming weeks from a strategic reserve in the Northeast, a move it said was designed to keep gasoline prices in check for consumers ahead of the July 4 holiday. The sale of the government-owned stock was mandated by Congress in the spending bill it passed in March, and will culminate in the closure of the reserve, which has facilities in the New York Harbor area and Maine.<\/p>\n

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

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After a brief reprieve at the start of the year, orange juice futures have resumed their ascent to new all-time highs.\u00a0 The key fundamental factor was the announcement by Brazil, the world\u2019s main producer (sorry Florida) forecast their production this current season is expected to yield a 24% decline in their harvest from the prior year and the lowest harvest since 1989.\u00a0 The front July contract traded up \u00b190 cents\/lb., a $13,500 per contract move in just the last 10 trading sessions to close at $4.633\/lb.<\/p>\n

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Metals:\u202f\u202f<\/strong><\/p>\n

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After hitting an all-time record high above $5.19\/lb. intraday on Monday \u2013 breaking a two-yr. record -July copper prices fell today in their worst single-day performance over the year to date, as the market decided to cash in on the commodity\u2019s recent rally.\u00a0 Over the last two months, copper futures have increased \u00b1 25% from $4 to over $5\/lb, a blistering $25,000 per contract move.\u00a0 Today\u2019s \u00b1 30-cent\/$7,500 drop likely forewarned greater volatility related to long-term supply concerns and the world\u2019s efforts to aggressively mine this important industrial metal.<\/p>\n

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If you are a day trader,<\/strong>\u00a0below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.<\/p>\n

Questions? We are happy to help!<\/a><\/p>\n

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Daily Levels for May 23rd, 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 Listen to our Market Recap Podcasts on Apple Podcasts       Bullet Points, Highlights, Announcements By Mark O’Brien     General:\u202f\u202f\u00a0   At their April 30 \u2013 May 1 meeting, according to its minutes released later this morning, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19805","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=19805"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19805\/revisions"}],"predecessor-version":[{"id":19807,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19805\/revisions\/19807"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}