{"id":19947,"date":"2024-07-17T12:33:33","date_gmt":"2024-07-17T20:33:33","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19947"},"modified":"2024-07-17T12:33:33","modified_gmt":"2024-07-17T20:33:33","slug":"july-18th-futures-index-sell-offs-record-gold-prices-and-natural-gas-declines","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/july-18th-futures-index-sell-offs-record-gold-prices-and-natural-gas-declines\/","title":{"rendered":"July 18th Futures: Index Sell-Offs, Record Gold Prices, and Natural Gas Declines"},"content":{"rendered":"
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What you need to know for July 18th – Futures Markets<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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

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The September E-mini S&P 500 stock index futures<\/a> contract climbed to it latest all-time high yesterday, closing at 5715.50, only to see its largest sell-off in two years today, currently down \u00b172 points \/ 1.25%.<\/p>\n

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Leading the index pack, however, the September E-mini Nasdaq is currently down \u00b1625 points \/ 3.00% and \u00b1900 points from its own all-time high posted last Wednesday, closing then at 20,896.50 and breaching 20,000 at this blog\u2019s typing.<\/p>\n

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

Gold prices<\/a> traded up to an all-time high today on growing optimism the U.S. Federal Reserve will conduct an interest-rate cut in September.\u00a0 The front month August futures contract dropped about 0.26% to $2,459.90 per ounce due to profit-taking after hitting an all-time high of $2,488.40 earlier in the session.<\/p>\n

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Markets now see a 98% chance of a U.S. rate cut in September, according to the\u00a0CME FedWatch Tool.\u00a0<\/a><\/p>\n

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Following suit, September silver lost \u00b195 cents (a \u00b1$4750 per contract move) to near $30.50\/ounce.<\/p>\n

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

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Natural gas futures<\/a> suffered another bout of heavy selling today with the front month August contract losing \u00b115 cents (a $1,500 per contract move) \/ 6.75% today and closing near two-month lows and within a few cents of $2.000 \/mmBtu.\u00a0 Despite hot weather across much of the U.S. driving power-sector demand, large inventory surplus numbers have proved an overhang for prices<\/p>\n

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Daily Levels for July 18th, 2024<\/h3>\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     What you need to know for July 18th – Futures Markets By Mark O’Brien, Senior Broker   Indexes:\u202f\u00a0   The September E-mini S&P 500 stock index futures contract […]<\/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-19947","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19947","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=19947"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19947\/revisions"}],"predecessor-version":[{"id":19948,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19947\/revisions\/19948"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}