{"id":82,"date":"2023-02-22T21:21:49","date_gmt":"2023-02-22T21:21:49","guid":{"rendered":"https:\/\/www.e-futures.com\/blog\/?p=82"},"modified":"2023-02-22T21:21:49","modified_gmt":"2023-02-22T21:21:49","slug":"strong-dollar-02-23-2023-trading-levels","status":"publish","type":"post","link":"https:\/\/www.e-futures.com\/blog\/strong-dollar-02-23-2023-trading-levels\/","title":{"rendered":"Strong Dollar, 02.23.2023 Trading Levels"},"content":{"rendered":"
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Would you like a trial of breaking news, text alerts and market insight directly on your trading desktop?\u00a0Start here<\/a>.<\/p>\n

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Looking at the last two trading days of the week<\/h3>\n

By Mark O’Brien, Senior Broker<\/p>\n

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General:<\/strong><\/p>\n

Continued dollar strength this week, an expected more hawkish leaning by Fed officials in today\u2019s release of last month’s FOMC meeting minutes and a more widespread sentiment that higher U.S. rates will cause a recession all have provided the backdrop against the downward bias in the major equity indexes.\u00a0Along the same lines, the stronger dollar has added to the negative macro view toward physical commodities.\u00a0Paradoxically, U.S. economic data continues every so often to post positive data and that has reduced recession fears.\u00a0On balance, it appears the path of least resistance for equity indexes looks to be down for now.<\/p>\n

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Markets:<\/strong><\/p>\n

Energy:\u00a0Natural gas<\/a> (March contract) pierced through the $2.00 price point for the first time since September 2020 before rebounding up to positive territory as of this typing.\u00a0That\u2019s a precipitous \u00b1$34,000 per contract move from the contract\u2019s recent \u00b1$5.40 highs going back almost three months to the day.\u00a0Bearish fundamentals can take credit for the sell-off, notably a \u00b119% decline in demand among the 27-nation European Union from last August into January and continued poor U.S. demand as above normal temperature forecasts for the U.S. nationally remain intact through the first week of March.\u00a0The major winter storm crossing the country through the end of the week looks to be providing minimal support.<\/p>\n

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Metals: Gold (April)<\/a> remains mired near its lows for the year near \u00b1$1,835\/oz, not eager to recover from its \u00b1$130 slide since its \u00b1$1,970\/oz. intraday high of Feb. 1, a \u00b1$13,000 move.<\/p>\n

Plan your trade and trade your plan.\u00a0<\/a><\/p>\n<\/div>\n

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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0 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 when it comes to Futures Trading.<\/p>\n

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Futures Trading Levels<\/strong><\/h3>\n

2-23-2023<\/p>\n

\"#ES,
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG<\/figcaption><\/figure>\n

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Economic Reports, Source:\u00a0<\/strong><\/h3>\n

Forexfactory.com<\/a><\/p>\n

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This is not a solicitation of any order to buy or sell, but a current market view provided by\u00a0Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, 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\u00a0judgement\u00a0in trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more on our private FB group! https:\/\/business.facebook.com\/groups\/1105191589938254\/ Would you like a trial of breaking news, text alerts and market insight directly on your trading desktop?\u00a0Start here.   Looking at the last two trading days of the week By Mark O’Brien, Senior Broker   General: Continued […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[50,43,49,36,42,38,34,30,32,33,37,41,39,44,31,46,47,45,48,35,40],"class_list":["post-82","post","type-post","status-publish","format-standard","hentry","category-e-futures-blog","tag-cbot","tag-cme","tag-comex","tag-commodities","tag-commoditiesmarket","tag-commoditiestrader","tag-commoditytrading","tag-crudeoil","tag-daytrader","tag-daytrading","tag-futures","tag-futuresmarket","tag-futurestrader","tag-globex","tag-gold","tag-kcbt","tag-mgex","tag-nymex","tag-smfe","tag-stockindices","tag-swingtrader"],"_links":{"self":[{"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/posts\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":1,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/posts\/82\/revisions"}],"predecessor-version":[{"id":83,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/posts\/82\/revisions\/83"}],"wp:attachment":[{"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/categories?post=82"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.e-futures.com\/blog\/wp-json\/wp\/v2\/tags?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}