In This Issue
Independence Day / 4th of July Trading Schedule
Potentially Bearish Chart Pattern in Dec. Corn
Economic Reports and Expiration Notices
* All times listed in Central Daylight Time
CME Group
Floor:
12:00 close: Foreign Exchange, Interest Rate, Commodity, GSCI, Weather, Real Estate and Metals products
12:15 close: Equity Index products
GLOBEX
12:15 close: Equity Index and ETF products
Regular close: Commodity, GSCI, Metals, Weather and Real Estate products
NYMEX/COMEX
Floor:
Regular close
NYMEX Electronic Trading and Clearport
Regular close
ICE
Regular close
OneChicago
12:00 Close
NYSE
12:00 Close
CME Group
Floor:
Closed
GLOBEX
10:30 close: Equity Index products
12:00 close: Foreign Exchange, Interest Rate and Real Estate products
NYMEX/COMEX
Floor:
Closed
NYMEX Electronic Trading and Clearport
Regular close
ICE
Closed: Soft products
Regular Close: Financial products
OneChicago
Closed
NYSE
Closed
*All times listed in Central Daylight Time
The above calendar is compiled from sources believed to be reliable. Cannon Trading assumes no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The closing times for certain contracts may have been rescheduled.
by Jim Wyckoff
Click the image to enlarge.
Price action this week in December corn futures has produced a rare and potentially bearish broadening pattern on the daily bar chart. Broadening patterns (which also look like reverse triangle patterns) usually occur at market tops and are produced by the higher volatility at higher price levels. There is strong technical support for December corn located at this week's low of $7.35 3/4. A close below that key price level would produce significant near-term chart damage and could also be the beginning of a bearish downside "breakout" from the broadening pattern. Corn traders should make no mistake that one potentially bearish chart pattern looming does not derail a major and record-setting bull market run in corn futures. The important longer-term price trends in corn futures are still solidly up. From a Fibonacci technical perspective, this week's downside price correction has not even breached the 38.2% retracement of the move from the May 29 low of $5.99 3/4 to the June 27 contract high of $7.99 1/4, which comes in at $7.23 1/2. The more important 50% retracement level of that same price move comes in at $7.00. There would be more serious chart damage inflicted, from a Fibonacci perspective, if December corn closed below the 50% retracement level of $7.00. For the corn bulls to regain some fresh upside technical momentum, they would have to close December futures above solid technical resistance at $7.65.
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 07/03 Thu |
7:30 AM CDT - Nonfarm Payrolls & Unemploy Rate(Jun) 7:30 AM CDT - Ave Workweek & Hourly Earnings(Jun) 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - ISM Services(Jun) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Jul Frozen Pork Belly Options(CME)
Jul US Dollar Index Options(ICE) Jul Live Cattle Options(CME) Jul Canadian Dollar Options(CME) Jul Currencies Options(CME) Aug Cocoa Options(ICE) |
| 07/04 Fri |
Independence Day Holiday
|
|
| 07/07 Mon |
|
|
| 07/08 Tue |
9:00 AM CDT - Pending Home Sales(May)
9:00 AM CDT - Wholesale Inventories(May) 2:00 PM CDT - Consumer Credit(May) |
FN: Jul Frozen Pork Bellies(CME)
|
| 07/09 Wed |
9:35 AM CDT - API & DOE Energy Stats
|
LT: Jul Cotton(ICE)
|
| 07/10 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** 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 herein 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 judgment in trading!