{"id":19820,"date":"2024-05-29T12:31:47","date_gmt":"2024-05-29T20:31:47","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19820"},"modified":"2024-05-29T12:31:47","modified_gmt":"2024-05-29T20:31:47","slug":"commodity-market-milestones-this-week-record-breaking-trends-across-commodities-and-economic-indicators","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/commodity-market-milestones-this-week-record-breaking-trends-across-commodities-and-economic-indicators\/","title":{"rendered":"Commodity Market Milestones this week: Record-Breaking Trends Across Commodities and Economic Indicators"},"content":{"rendered":"
Get Real Time updates and more by joining our Private Facebook Group<\/a>!<\/span><\/div>\n
Subscribe to our\u00a0YouTube Channel<\/a><\/span><\/div>\n
Listen to our Market Recap Podcasts on Apple Podcasts<\/a><\/div>\n
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\u00a0The Rest of the Short Trading Week:<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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

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Breaking records – either multi-year or all-time – has been in style for commodities in recent months.\u00a0 Notable markets to set new all-time record highs include all three major stock index futures: S&P 500, Nasdaq, Dow Jones, cocoa, gold, silver and Bitcoin.<\/p>\n

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Not to be overlooked, in February natural gas traded to lows not seen in nearly 30 years.<\/p>\n

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One other record is garnering attention lately because of its sheer persistence and no sign of ending.\u00a0 And while it\u2019s not a futures market, it is an economic indicator futures traders and others watch closely \u2013 known as an inverted yield curve, in which yields on short-term Treasurys exceed those of longer-term government debt.\u00a0 Long taken as a nearly surefire signal that an economic pullback is on the horizon (it happened prior to each of the last eight downturns in the U.S.), the current yield curve inversion has now stretched for over 400 trading sessions with no measurable signs of a major economic slow-down in sight.<\/p>\n

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It harkens to one of the principal rules in trading that we strive to drill into the minds of traders: Past performance is not indicative of future results.<\/p>\n

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

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Due to the short trading week, both the natural gas<\/a> and the crude oil numbers<\/a> will be released tomorrow.<\/p>\n

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a collection of nations that produces 40% of the world\u2019s crude oil are getting together to decide their strategy at OPEC\u2019s ministerial meeting on Sunday, June 2nd.\u00a0 Traders and analysts are predicting the 2.2 million barrels per day voluntary production cuts will stay in place.<\/p>\n

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

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Last Tuesday, July silver<\/a> closed at $32.20\/ounce and at this typing, the contract is trading barely 3 cents from there at \u00b1$32.17 per ounce.\u00a0 Sandwiched between there \u2013 within five trading sessions \u2013 the contract dropped \u00b1$2.00\/ounce then rallied right back, a \u00b1$10,000 per contract swing in both directions.<\/p>\n

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

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Bitcoin futures<\/a> have threatened to breach the 70,000 mark over the last eight trading sessions \u2013 dating to May 20.\u00a0 The front month June contract\u2019s all-time high close on March 13: 75,900.\u00a0 This is a \u00b1$12,000 per contract move from its last correction low on May 1 near 58,000.<\/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 30th, 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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Improve Your Trading Skills<\/h2>\n

Get access to proprietary indicators and trading methods,\u00a0consult with an experienced broker<\/a> at 1-800-454-9572.<\/p>\n

Explore trading methods.\u00a0Register Here<\/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 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       \u00a0The Rest of the Short Trading Week: By Mark O’Brien, Senior Broker General:\u00a0   Breaking records – either multi-year or all-time – has been in style for […]<\/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-19820","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19820","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=19820"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19820\/revisions"}],"predecessor-version":[{"id":19822,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19820\/revisions\/19822"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}