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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday July 9, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
I am not sure if it is the overbought conditions stock index futures are in, perhaps fear of the start of earning season or maybe it is the tense situation over in Israel/ Middle East – but the result today was one of the more meaningful down days of the last few months along with above avg. volume.
Not sure it is anything more than normal market action after indices made all time highs last week….I am a little more skeptic now days when it comes to the short side of the indices. That been said, if September SP500 can break below 1952 ( just a bit below today’s lows) I think we have higher chances of a continuation lower.
In between, know what time frame you are trading, know your rules, your objectives, accept the fact that you will have good and bad trading days and measure your progress after you define what it is.
If you like the information we share? We would appreciate your positive reviews on our new yelp!!
GOOD TRADING and review us on Elite Trader!
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. Past performance is not indicative to future results.
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| Contract Sept. 2014 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 1987.92 | 3965.08 | 17096 | 1202.57 | 80.48 |
| Resistance 2 | 1979.33 | 3935.92 | 17024 | 1192.53 | 80.41 |
| Resistance 1 | 1969.92 | 3899.58 | 16940 | 1181.97 | 80.32 |
| Pivot | 1961.33 | 3870.42 | 16868 | 1171.93 | 80.26 |
| Support 1 | 1951.92 | 3834.08 | 16784 | 1161.37 | 80.17 |
| Support 2 | 1943.33 | 3804.92 | 16712 | 1151.33 | 80.10 |
| Support 3 | 1933.92 | 3768.58 | 16628 | 1140.77 | 80.01 |
| Contract | August Gold | Sept.Silver | August Crude Oil | September Bonds | Sept. Euro |
| Resistance 3 | 1337.5 | 2153.2 | 105.35 | 137 24/32 | 1.3656 |
| Resistance 2 | 1331.6 | 2138.8 | 104.78 | 137 9/32 | 1.3638 |
| Resistance 1 | 1326.1 | 2124.2 | 104.16 | 136 30/32 | 1.3627 |
| Pivot | 1320.2 | 2109.8 | 103.59 | 136 15/32 | 1.3609 |
| Support 1 | 1314.7 | 2095.2 | 102.97 | 136 4/32 | 1.3598 |
| Support 2 | 1308.8 | 2080.8 | 102.40 | 135 21/32 | 1.3580 |
| Support 3 | 1303.3 | 2066.2 | 101.78 | 135 10/32 | 1.3569 |
| Contract | Dec Corn | Sept. Wheat | Nov. Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 410.9 | 562.5 | 1123.50 | 364.87 | 38.80 |
| Resistance 2 | 409.1 | 560.8 | 1121.75 | 362.83 | 38.62 |
| Resistance 1 | 406.7 | 558.5 | 1119.00 | 360.07 | 38.30 |
| Pivot | 404.8 | 556.8 | 1117.25 | 358.03 | 38.12 |
| Support 1 | 402.4 | 554.5 | 1114.5 | 355.3 | 37.8 |
| Support 2 | 400.6 | 552.8 | 1112.75 | 353.23 | 37.62 |
| Support 3 | 398.2 | 550.5 | 1110.00 | 350.47 | 37.30 |
| Date | 4:03pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedJul 9 | 10:30am | USD | Crude Oil Inventories | -3.2M | |||||
| 1:01pm | USD | 10-y Bond Auction | 2.65|2.9 | ||||||
| 2:00pm | USD | FOMC Meeting Minutes | |||||||
| 2:30pm | EUR | ECB President Draghi Speaks |
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 judgment in trading.
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