What you need to know before trading futures tomorrow

Levels for a buys Tuesday, July 16th. Reports for the rest of the week below as well.

 

Beige Book, Crude Oil numbers and more tomorrow, 7.17.24.
You can read more on our blog.
Levels for July 17th below:

 

Indexes: 

The September E-mini S&P 500 stock index futures 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 ±72 points / 1.25%.

Leading the index pack, however, the September E-mini Nasdaq is currently down ±625 points / 3.00% and ±900 points from its own all-time high posted last Wednesday, closing then at 20,896.50 and breaching 20,000 at this blog’s typing.

Metals:

Gold prices traded up to an all-time high today on growing optimism the U.S. Federal Reserve will conduct an interest-rate cut in September. 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.

Markets now see a 98% chance of a U.S. rate cut in September, according to theCME FedWatch Tool.

Following suit, September silver lost ±95 cents (a ±$4750 per contract move) to near $30.50/ounce.


Energies:
Natural gas futures suffered another bout of heavy selling today with the front month August contract losing ±15 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. Despite hot weather across much of the U.S. driving power-sector demand, large inventory surplus numbers have proved an overhang for prices

Levels for July 18th 2024 below:

 

Levels for Friday, July 19th below as well as a daily chart of copper futures for your review:

 

Tomorrows Movers and Shakers

S&P Global group will release their US prelim July manufacturing and service sector purchasing managers indexes (PMI) at 8:45 am CT Wednesday morning. Analysts expect the manufacturing index at 51.5 compared to the 51.6 in the final June report. The service index for early July is expected at 55.0 compared to the 55.3 in the final June report.



US new home sales data for June will be updated Wednesday morning at 9:00 am CT. Analysts expect new home sales month-to-month at a 0.640 mln unit annualized pace, up +3.4%. The prior month's sales were -11.3% at 0.619 mln unit annual rate.



IBM reports after the close

Trading levels for July 24th:

 

Levels for July 25th:

 

NQ Daily chart with possible support levels along with SR levels for tomorrow, July 26th:

 

Trading Levels for July 30th below, followed by this week busy reports schedule.
December gold is now front month.

 

Levels and more for FOMC day, July 31st:

https://www.cannontrading.com/tools...retail-sales-home-prices-and-market-activity/

 

Trading levels to post FOMC and Pre NFP trading day:

More at: https://www.cannontrading.com/tools...moderating-labor-costs-and-subdued-inflation/