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In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini Mini S&P 500 Futures Chart
HUGE upside move….
I mentioned last week that I expect a BIG move and provided two scenarios (please see blog from Oct. 21st)….If I could only know for sure which way the move will go….hindsight is 20/20
The big question is whats ahead for stock index futures ( mini SP500, Mini Dow, Mini NASDAQ 100, Mini Russell 2000 and the rest of the family…). It seems that right now, the main factor is Europe.
GOOD TRADING!
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1320.77 | 2504.92 | 12745 | 825.87 |
| Resistance 2 | 1304.73 | 2456.83 | 12487 | 797.13 |
| Resistance 1 | 1292.87 | 2425.17 | 12323 | 780.17 |
| Pivot | 1276.83 | 2377.08 | 12065 | 751.43 |
| Support 1 | 1264.97 | 2345.42 | 11901 | 734.47 |
| Support 2 | 1248.93 | 2297.33 | 11643 | 705.73 |
| Support 3 | 1237.07 | 2265.67 | 11479 | 688.77 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1792.2 | 1.4712 | 98.65 | 139 22/32 |
| Resistance 2 | 1770.8 | 1.4476 | 96.45 | 138 21/32 |
| Resistance 1 | 1757.4 | 1.4329 | 95.14 | 137 8/32 |
| Pivot | 1736.0 | 1.4093 | 92.94 | 136 7/32 |
| Support 1 | 1722.6 | 1.3946 | 91.63 | 134 26/32 |
| Support 2 | 1701.2 | 1.3710 | 89.43 | 133 25/32 |
| Support 3 | 1687.8 | 1.3563 | 88.12 | 132 12/32 |
Below you will see a daily chart of the Euro Currency futures from today, Oct. 27th 2011.
The Euro currency crossed both the 50% Fibonacci retracement level as well as the 50 day moving average and as of now 142.70 is what standing in the way of this market to test previous highs around 145.38.
Support at 140 and 138.
I know many of you focus on day-trading stock index futures like the mini SP 500, so for now, it might be wise for you to keep an eye on the Euro currency as well for its correlation with the stock market.
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