Weekly newsletter with daily levels for Monday and weekly levels for the trading week ahead along with reports and more at: https://www.cannontrading.com/tools...view-trading-levels-for-week-ahead-6-14-2021/ Have a nice weekend and a good trading week to follow.
Tomorrow we have FOMC. FOMC days do have unique behavior and this time my guess is, it will be around the language used after the announcement. The following are my PERSONAL suggestions on trading during FOMC days: ·Reduce trading size ·Be extra picky = no trade is better than a bad trade ·Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 3925.00 with a stop at 3919.00, instead "stretch the price bands" due to volatility and place an entry order to buy at 3919.75 and place a stop a few points below in this hypothetical example ( consider current volatility along with support and resistance levels). ·Expect the higher volatility during and right after the announcement ·Expect to see some "vacuum" ( low volume, big zigzags) right before the number. ·Consider using automated stops and limits attached to your entry order as the market can move very fast at times. ·Keep in mind statement comes out at 1 Pm Central time, the news conference which dissects the language comes out 30 minutes later so the volatility window stretches out. ·Know what the market was expecting, learn what came out and observe market reaction for clues ·Be patient and be disciplined ·If in doubt, stay out!!
Volatile FOMC day. Levels for tomorrow and a look at the 10 minute intraday chart at: https://www.cannontrading.com/tools...view-support-and-resistance-levels-6-17-2021/
Levels for tomorrow, June 22nd below. Reports, bond chart and some quick pointers on the different type of trading days on our blog HERE:
Please note that July grains are slowly getting into delivery period and some of the grains front months are changing. Bean oil active month is now December. Beans are now November. Wheat is now September. Levels for tomorrow below:
06.24.21 Thursday SCO = STOP CLOSE ONLY MA= MOVING AVERAGE GOOD MORNING. Chicago ADV Durable Goods 7:30 Export Sales 7:30 GDP (Q1 / 2021) 7:30 Jobless Claims 7:30 U S&P LOW YESTERDAY 4230.50 ALGO'S SUPPORT was 4232.25 4274.50 OBJECTIVE until a close below 4208.00 occurs. KEY MA 4211.25 Bullish undertone above KEY MA 4182.00 CLOSE BELOW DAMAGES the SECULAR Bull TREND. 4091.25 is MASSIVE MA SUPPORT CRITICAL MA SUPPORT!! 4046.00 MUST HOLD!! U S&P ALGO RESISTANCE: 4257.00 4243.75 Buy SCO 4232.25 U S&P Closed 4231.50 -4.75 ALGO SUPPORT: 4183.00 4168.00 4150.50 U NASDAQ MA SUPPORT: 13,915.50 Bullish bias above KEY MA SUPPORT 13,699.00 ****** Secular Bull trend being challenged. MUST HOLD!! A close below damages the Secular Bull trend and triggers 13,503.75 KEY MA SUPPORT 13,481.25 CRITICAL MA MUST HOLD!! 13,468.00 U NASDAQ Closed 14,263.00 +4.75 ALGO SUPPORT: 14,176.50 14,139.25 Sell SCO 14,098.00 Q CRUDE 74.75 is the next OBJECTIVE, until a close below 71.87 occurs. Q CRUDE Closed $73.08 +0.23 Q CRUDE ALGO SUPPORT: 72.20 71.88 Sell SCO 71.53 70.05 Key MA 67.46 CRITICAL MA
Wishing all of you a great weekend and successful trading week ahead! Weekly levels below. Daily levels for Monday and a quick article on futures spreads on our weekly newsletter, issue 1056!