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Rollover Notice, Gold Chart & Commentary - Levels for Sept 8th

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Gold is making a move and Rollover day!

Rollover Notice:

Rollover Notice for Stock Index Futures

ImportantNotice:For those of you trading any stock index futures contracts, i.e., the E-mini S&P, E-mini NASDAQ, E-mini Dow Jones etc., it is extremely important to remember that we are now rolling over and trading the December contract.

Starting Sept. 8th, the December 2017 futures contracts will be the front month contracts. It is recommended that all new positions be placed in the December 2017 contract as of September 8th. Volume in the Sept. 2017 contracts will begin to drop off until its expiration onFridaySept. 15th.

The month code for December is Z7.

Traders with electronic trading software should make sure that defaults reflect the proper contract as of Friday morning.

Please close any open June Currency positions by the close on Friday the 15th.

Gold chart and commentary:

Many analysts see a major shift happening in the gold market with gold advancing and holdingrathercomfortably above a key psychological level of $1,300.00 an ounce

Frustration seems to be growing with the most recentSTRIKEstring of congressional capitulations on the debt ceiling debate and America's "credit card balance" expanding to ever newer and higher levels. The yellow metalseems to be benefiting from political deadlock and Washington hand-wringing.

This political backdrop may also be influencing one of the key drivers in the price of gold, namely the US Dollar index and its recent move to the downside.

From April of this year, the US Dollar index has fallen from$1.01 levels down to below.92Centsand appears to continue to be under pressure.

Could this indeed mean a significant inflection point for gold and herald a continuing move to theupside? Only time will tell us for sure.

However, some interesting technical markers andshort to intermediate termtrends may be derived from the gold chart below; begging the question "Is this breakout creating significant inertia to break out of its range bound state signaling a long term trend?."

Cannon Trading Company's experienced commodity futures brokers in Beverly Hills are available to work with current clients and with new interested individuals and institutions to explore the possibilities in utilizing the futures markets to potentially capture some of the upcoming gold price action. In addition to exploring outright futures contract positions in gold and explaining the potential market risks involved, Cannon Trading's brokers may also suggest and explore gold options plays and configurations including option spreads with gold and other commodities. Despite the excitement that the recent gold "surge" may invoke, one must keep in mind that these are risky markets and only risk capital ca n be used. In addition, regardless of the market, past performance is not necessarily indicative of future results.

Good Trading

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.

Futures Trading Levels


Contract December 2017SP500Nasdaq100Dow JonesMini RussellDollar Index
Resistance 32479.426038.50219061416.3792.89
Resistance 22473.086010.00218541410.4392.56
Resistance 12470.175989.25218001405.1792.04
Support 12456.925940.00217041393.9791.18
Support 22450.585911.50216521388.0390.85
Support 32445.675890.75216081382.7790.33
ContractDecember GoldDec. SilverOct. Crude OilDec. BondsSept. Euro
Resistance 31378.218.6650.14159 15/321.2232
Resistance 21366.918.4449.73158 23/321.2148
Resistance 11359.918.3149.44158 5/321.2086
Pivot1348.618.0949.03157 13/321.2003
Support 11341.617.9648.74156 27/321.1941
Support 21330.317.7448.33156 3/321.1857
Support 31323.317.6148.04155 17/321.1795
ContractDec. CornDec. WheatNovember BeansDec. SoyMealOct. Nat Gas
Resistance 3363.8453.8985.67311.773.08
Resistance 2361.9449.9981.08310.733.05
Resistance 1358.6443.6974.92308.973.02
Support 1353.3433.3964.2306.23.0
Support 2351.4429.4959.58305.132.93
Support 3348.1423.1953.42303.372.89

Economic Reports, source:

This is not a solicitation of any order to buy or sell, but a current market view provided byCannon Trading Inc. Any statement of factshere incontained are derived from sources believed to bereliable,but are not guaranteed as toaccuracy, 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 ownjudgementin trading.

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About the author

Ilan Levy-Mayer has been a commodities broker for over 15 years, and holds an MBA in Finance and Marketing from Hebrew University in Jerusalem. Ilan is currently the Vice President and a Senior Broker at Cannon Trading Company . He is also a CTA of Levex Capital Management and his daily blog was voted the #1 Futures Blog from Trader's Planet.

His experience in the industry dates from the beginning of online trading, and he has also developed several trading systems over the years. In addition, Ilan has written several articles about trading methods and trading psychology, and has been quoted and published several times in SFO magazine, Futures, and Bloomberg. He has been invited to speak at the Chicago Board of Trade, a significant distinction.

Ilan specializes in analyzing the markets based on timing methods, proprietary technical indicators, using support and resistance levels and looking at multiple time frames.

Take a step in the right direction and contact me today, Toll-Free: 800-454-9572 or direct: +310-859-9572. You may also directly e-mail me, Send mail.


Disclaimer: 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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