Daily Support & Resistance Levels and Other valuable Info for Futures Traders...

(US) Market Close Summary: Stocks welcome Fed's latest projections and coming tweaks to QT

Wed, 20 Mar 2024 16:18 PM EST


Summary:
US markets opened and stayed relatively flat leading up to the Fed announcement. As expected the Fed left rates unchanged and didn't offer much if any change from what they said from last go around. Importantly, the SEP dot plot saw consensus actually solidify around 3 rate cuts in 2024 which markets seemed to appreciate given the recent run of strong inflation data. Interestingly, the median outlook for core PCE rose in both 2024 and 2025 while projections on the unemployment rate fell. Markets clearly took note when Chairman Powell revealed there is a general sense among officials that the will start to slow the pace of the balance sheet run off "fairly soon". Stocks rose to new highs along with gold prices while the long end of the US Treasury curve lagged as did the US dollar. The S&P climbed above 5200 for the first time, closing at a fresh all-time high.

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Levels for tomorrow March 26th reports for the short trading week below:

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Good Friday Holiday Trading Schedule - 2024

· Thursday March 28, 2024 all CME markets have a regular close.

· No CME trading for Friday March 29, 2024 trade date in observance of Good Friday.

· See full schedule here.

Levels for tomorrow, March 28th:

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Levels for tomorrow below. Report schedule for rest of the week below that.



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  • Heavy Fed Speeches, 19 Count 'em, Tuesday thru Friday with JPowell on Wednesday @ 11:10 a.m. CDT from Stanford.
  • Earnings season will officially begin the middle of April.
  • Economic Data Highlights : Jobless Claims early Thursday and NonFarm Payrolls headline Friday pre-opening
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OPEC Mtg tomorrow

  • OPEC+ JMMC meets on Wednesday at 1100 GMT
  • Producers earlier agreed to extend output cuts
LONDON, April 2 (Reuters) - An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their highest this year.

The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members' implementation of output cuts they have already agreed to extend.

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Gold All time Highs!

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Below are the contracts which are entering First Notice or Last Trading Day for the upcoming month. Be advised, for contracts that are deliverable, it is requested that all LONG positions be exited two days prior to First Notice and ALL positions be exited the day prior to Last Trading Day. If you have any questions please contact our Trade Desk

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Trading levels for 04.04.24 below:

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  • NonFarm Payrolls, NFP one of the biggest data points every month tomorrow @ 7:30CDT
  • Expectations are 200K added ( the market pays attention to the revisions equally)
  • Manage your capital well, take on less risk than you would during normal time frames.
  • 4 FED Speakers tomorrow Beginning @ 7:30AM CDT.
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