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60 Minutes mini SP Chart – Support and Resistance Levels

Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for January 25, 2012

1. Market Commentary

A day full of reports ahead of us tomorrow along with State of the Union tonight.

Be ready for the unexpected.

FOMC meeting tomorrow. Statement will be released around 2:15 PM EST

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. However, with tomorrow early morning reports and recent volatility, we may see wild action through out.

One advice everyone can benefit from is, reduce your trading size in proportion to the increase in volatility. This should help your comfort level while in the day-trade.

Below is a another tip from using our ATcharts ( ATcharts comes free for our live TransactAt clients who trade 10 round turns and more per month and is
available for a free demo )

In today’s “tip” I want to share how I like to look at different type of charts sometimes when it comes to day trading, below you will see how I change my 60 minutes chart into 8 ticks range bar chart:

1. As you can see below I right click in the middle of the chart
which is a 60 minute chart of the mini SP
2. I than choose chart settings and select
range in ticks ( true ) under the bar period.
3. From the same menu one can also change the graph style from OHLC to candlesticks and much more under Graph Type on the bottom left corner.

60 Minutes mini SP Chart

60 Minutes mini SP Chart

60 minutes mini SP chart from today:

Chart Setting ESH2 60 Min

Chart Setting ESH2 60 Min

ESH2 60 min Chart

ESH2 60 min Chart

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

Contract (Dec. 2011) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance Level 3 1323.07 2462.00 12712 805.93
Resistance Level 2 1317.03 2450.00 12671 796.47
Resistance Level 1 1313.77 2443.00 12647 791.13
Pivot Point 1307.73 2431.00 12606 781.67
Support Level 1 1304.47 2424.00 12582 776.33
Support Level 2 1298.43 2412.00 12541 766.87
Support Level 3 1295.17 2405.00 12517 761.53

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract Feb. Gold Dec. Euro Jan. Crude Oil March. Bonds
Resistance Level 3 1695.4 1.3186 102.06 142 17/32
Resistance Level 2 1687.7 1.3126 101.12 142 3/32
Resistance Level 1 1676.4 1.3076 100.13 141 21/32
Pivot Point 1668.7 1.3016 99.19 141 7/32
Support Level 1 1657.4 1.2966 98.20 140 25/32
Support Level 2 1649.7 1.2906 97.26 140 11/32
Support Level 3 1638.4 1.2856 96.27 139 29/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract March Corn March Wheat Jan. Beans March. Silver
Resistance Level 3 655.8 660.7 1250.67 3295.7
Resistance Level 2 645.4 648.8 1239.33 3271.3
Resistance Level 1 637.8 641.2 1229.67 3234.2
Pivot Point 627.4 629.3 1218.33 3209.8
Support Level 1 619.8 621.7 1208.7 3172.7
Support Level 2 609.4 609.8 1197.33 3148.3
Support Level 3 601.8 602.2 1187.67 3111.2


5. Economic Reports

Italian Retail Sales
4:00am

WEF Annual Meetings
Day 1

ECB Presiden Draghi Speaks
8:15am

Pending Home Sales
10:00am

OFHEO HPI
10:00am

Crude Oil Inventories
10:30am

FOMC Statement
2:15pm

Federal Funds Rate
2:15pm

 

Tags: > Posted in: Commodity Trading   | Future Trading News  

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