In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini Mini S&P 500 Futures Chart
1. Market Commentary
EU economic summit all day tomorrow along with some other economic news out of the US will provide the markets with some news to digest.
As I mentioned over the last few days, i still don’t have a clear direction of where this market is headed and either way, i expect volatility to continue.
GOOD TRADING!
2. Support and Resistance Levels
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1259.00 | 2435.75 | 12073 | 758.07 |
| Resistance 2 | 1251.40 | 2411.25 | 11977 | 748.03 |
| Resistance 1 | 1237.70 | 2365.00 | 11814 | 730.07 |
| Pivot | 1230.10 | 2340.50 | 11718 | 720.03 |
| Support 1 | 1216.40 | 2294.25 | 11555 | 702.07 |
| Support 2 | 1208.80 | 2269.75 | 11459 | 692.03 |
| Support 3 | 1195.10 | 2223.50 | 11296 | 674.07 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1776.4 | 1.4060 | 98.15 | 143 17/32 |
| Resistance 2 | 1740.5 | 1.4007 | 96.40 | 141 29/32 |
| Resistance 1 | 1721.3 | 1.3948 | 94.60 | 141 3/32 |
| Pivot | 1685.4 | 1.3895 | 92.85 | 139 15/32 |
| Support 1 | 1666.2 | 1.3836 | 91.05 | 138 21/32 |
| Support 2 | 1630.3 | 1.3783 | 89.30 | 137 1/32 |
| Support 3 | 1611.1 | 1.3724 | 87.50 | 136 7/32 |
3. Daily Mini Mini S&P 500 Futures Chart
I did get a sell signal on the daily chart as of the close today and one needs to evaluate if and what entry level provides this set up with a good risk reward trade, which is usually the hardest part…Trade and money management.
