WYNTK before trading tomorrow, Aug 18 2022 Futures Trading Levels - Support & Resistance Levels

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

WYNTK before trading tomorrow, Aug 18 2022 Futures Trading Levels

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Bullet Points: Highlights and Announcements

By Mark O’Brien Senior Broker
Financials: On Monday, the People’s Bank of China cut two key interest rates by ten basis points and pumped the equivalent of ±$60 billion into the financial system to rev up lending and prod wider economic growth. A number of economists viewed the unexpected move as a small opening move toward future support by China’s central bank for the country’s economy, and may foreshadow deeper cuts to borrowing costs down the line. The rate cuts came on the heels of data released Monday showing economic activity slowed across the board in July, including factory output, investment, consumer spending, youth hiring and real estate.
Today the U.S. Federal Reserve released its minutes of their prior meeting showing the board was unanimous in the central bank’s last rate decision – a second 75-point increase in as many meetings – and in their outlook that further rate increases were needed, but were sensitive to the risk of going too far. “Participants judged that, as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation,” the minutes said.
Energy (Crude oil): After trading to 6-month lows Tuesday, September WTI crude oil advanced ±$1.20/barrel to ±$87.75 after the EIA’s weekly supply report showed a steeper-than-expected draw down in U.S. crude stocks.
(Natural gas): Today, September Natural gas traded to new intra-day high of 9.677 – also a new life-of-contract high as analysts warned European natural gas prices could rise an additional 60% this winter.
Softs (Cotton): on Friday the USDA supply/demand report dramatically lowered estimates for the U.S. cotton crop and slashed the 2022/23 projected ending stocks to their lowest level on record – primarily due to the extended drought in Texas. Since the mid-July lows near 83 1/2 cents/pound, Dec. cotton advanced to near $1.20 / pound yesterday, a ±$18,000 move.
Livestock (Cattle): Today, Dec. live cattle traded to within .40/lb. of its contract high close of $152.07/lb. on April 21. The cattle market remains in a steady 2 1/2-month uptrend as traders see tightening supply over the next three quarters.
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.

Futures Trading Levels


Support + Resistance Levels 8.18.2022

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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. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, 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 judgement in trading.

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