In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart
4. Economic Reports
1. Market Commentary
Big volume day. We made new lows but then reversed and rallied strong into the last hour.
Bear market rallies can be pretty vicious…. If we would have taken out yesterdays high on this rally, the buy signal you see in the chart below would have been pretty powerful, but as is if this market can maintain the “legs” it showed today, we can see a test of 1154.
Should be another interesting trading day tomorrow.
Regardless of the market direction, understand that as volatility and ranges increase, one needs to adjust their trading size LOWER in order not to get “stopped by noise”.
Below is a daily chart of the mini SP
GOOD TRADING!
2. SUPPORT AND RESISTANCE LEVELS!
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1185.33 | 2244.08 | 11281 | 709.20 |
| Resistance 2 | 1152.42 | 2185.42 | 11015 | 677.80 |
| Resistance 1 | 1134.33 | 2153.08 | 10860 | 659.90 |
| Pivot | 1101.42 | 2094.42 | 10594 | 628.50 |
| Support 1 | 1083.33 | 2062.08 | 10439 | 610.60 |
| Support 2 | 1050.42 | 2003.42 | 10173 | 579.20 |
| Support 3 | 1032.33 | 1971.08 | 10018 | 561.30 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1694.5 | 1.3657 | 81.70 | 148 3/32 |
| Resistance 2 | 1676.4 | 1.3512 | 79.85 | 147 8/32 |
| Resistance 1 | 1649.1 | 1.3433 | 78.66 | 145 27/32 |
| Pivot | 1631.0 | 1.3288 | 76.81 | 145 |
| Support 1 | 1603.7 | 1.3209 | 75.62 | 143 19/32 |
| Support 2 | 1585.6 | 1.3064 | 73.77 | 142 24/32 |
| Support 3 | 1558.3 | 1.2985 | 72.58 | 141 11/32 |
3. Daily Mini S&P 500 Futures Chart from October 4, 2011
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4. Economic Reports for Wednesday October 4, 2011
Challenger Job Cuts y/y
7:30am
ADP Non-Farm Employment Change
8:15am
ISM Non-Manufacturing PMI
10:00am
Crude Oil Inventories
10:30am
Economics Report Source: http://www.forexfactory.com/calendar.php