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. Daily Mini S&P Chart
5. Economic Reports for Wednesday, November 16 2011
1. Market Commentary
Stock index futures are in consolidation stage, trading between 1185 and 1289 since Oct. 18th (over100 points which is still a very WIDE range but nonetheless compare to the moves we have seen since this summer, I will consider it a range).
Before I can take a stance over medium to longer term price action, I will need to see if we can either take out 1204 or 1289. In between, the intra-day ranges provide both opportunities and risks for day-traders.
My tiny wisdom tip for today is: Your biggest battle as a day-trader is probably BEING selective in the trades you take, being patient ( which can be hard for many traders) and executing the plan you have once in a trade. Work on this every trading day, try to make small progress, keep a journal.
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 | 1283.50 | 2423.67 | 12267 | 775.07 |
| Resistance Level 2 | 1272.75 | 2398.83 | 12193 | 760.13 |
| Resistance Level 1 | 1263.50 | 2379.17 | 12117 | 749.87 |
| Pivot Point | 1252.75 | 2354.33 | 12043 | 734.93 |
| Support Level 1 | 1243.50 | 2334.67 | 11967 | 724.67 |
| Support Level 2 | 1232.75 | 2309.83 | 11893 | 709.73 |
| Support Level 3 | 1223.50 | 2290.17 | 11817 | 699.47 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance Level 3 | 1810.7 | 1.3759 | 102.69 | 143 29/32 |
| Resistance Level 2 | 1799.2 | 1.3700 | 101.27 | 143 8/32 |
| Resistance Level 1 | 1790.9 | 1.3614 | 100.36 | 142 16/32 |
| Pivot Point | 1779.4 | 1.3555 | 98.94 | 141 27/32 |
| Support Level 1 | 1771.1 | 1.3469 | 98.03 | 141 3/32 |
| Support Level 2 | 1759.6 | 1.3410 | 96.61 | 140 14/32 |
| Support Level 3 | 1751.3 | 1.3324 | 95.70 | 139 22/32 |
4. Daily Mini S&P Chart
5. Economic Report for Wednesday, November 16, 2011
CPI y/y
5:00am
Core CPI y/y
5:00am
Core CPI m/m
8:30am
CPI m/m
8:30am
TIC Long-Term Purchase
9:00am
Capacity Utilization Rate
9:15am
Industrial Production
9:15am
NAHB Housing Market Index
10:00am
Crude Oil Inventories
10:30am