Labor Day Holiday For U.S. Markets - Forex News by Strategia Forex
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Labor Day Holiday For U.S. Markets

Posted Monday, September 2, 2019 by
Shain Vernier • 1 min read

Today marks the official observation of Labor Day in the U.S. and the unofficial end of summer. The NYSE is closed, as are most banks. In addition, there is an early halt to trading planned for CME at 1:00 PM EST. The forex remains open for business, however, most U.S. liquidity providers are off for the day.

Due to the holiday, the U.S. session economic calendar is vacant. Perhaps the only real financial news today is the launch of fresh tariffs against China, a move that has already been priced into the markets.

Slow Labor Day Trading Conditions On The Futures Markets

Action is limited on the U.S. futures markets. Low volumes and tight ranges are evident, as is choppy price action. The September E-Mini DOW is a prime example of this phenomenon, posting a modest 130 tick range.

September E-Mini DOW Futures (YM), Daily Chart
September E-Mini DOW Futures (YM), Daily Chart

Here are the levels to watch for today’s shortened Labor Day session:

  • Resistance(1): 62% Current Wave Retracement, 26408
  • Support(1): Bollinger MP, 26176

Overview: If you are trading CME futures, be aware of the early close today at 1:00 PM EST. At this point, volumes on the futures markets are light and price action especially choppy. These conditions are far from optimal and not conducive to assuming a high degree of risk. The use of tight stops and reduced leverage is recommended until trading volumes pick up during the Tuesday session.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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