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. Economic Reports for Wednesday, November 30, 2011
As November is almost behind us, (tomorrow is the last trading day for November ) I thought it would be appropriate to share the mini SP monthly chart for a MUCH longer term picture.
I know most of the readers of this blog are day-traders by nature but it is always wise to have a view of different time frames.
Monthly chart below, along with some possible Elliott Wave counts as well as some Fibonacci retracement levels.
Also heads up, if you are trading GOLD, SILVER, BONDS and GRAINS, it is time to trade the March contract for these markets ( February Gold) as December is entering delivery period.
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 | 1215.17 | 2269.50 | 11704 | 723.03 |
| Resistance Level 2 | 1209.08 | 2255.00 | 11655 | 715.17 |
| Resistance Level 1 | 1203.17 | 2234.00 | 11607 | 705.43 |
| Pivot Point | 1197.08 | 2219.50 | 11558 | 697.57 |
| Support Level 1 | 1191.17 | 2198.50 | 11510 | 687.83 |
| Support Level 2 | 1185.08 | 2184.00 | 11461 | 679.97 |
| Support Level 3 | 1179.17 | 2163.00 | 11413 | 670.23 |
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 | 1730.2 | 1.3579 | 103.87 | 145 7/32 |
| Resistance Level 2 | 1723.4 | 1.3512 | 102.01 | 144 16/32 |
| Resistance Level 1 | 1719.1 | 1.3421 | 100.95 | 143 23/32 |
| Pivot Point | 1712.3 | 1.3354 | 99.09 | 143 |
| Support Level 1 | 1708.0 | 1.3263 | 98.03 | 142 7/32 |
| Support Level 2 | 1701.2 | 1.3196 | 96.17 | 141 16/32 |
| Support Level 3 | 1696.9 | 1.3105 | 95.11 | 140 23/32 |
4. Economic Reports
German Retail Sales
2:00am
French Consumer Spending
2:45am
ECB President Draghi Soeaks
3:00am
German Unemployment Change
3:55am
Italian Monthly Unemployment Rate
4:00am
ECOFIN Meetings
All Day
CPI Flash Estimate
5:00am
Unemployment Rate
5:00am
Italian Prelim CPI
5:00am
Challenger Job Cuts
7:30am
ADP Non-Farm Employment Change
8:15am
Revised Nonfarm Productivity
8:30am
Revised Unit Labor Costs
9:45am
Chicago PMI
9:45am
Pending Home Sales
10:00am
Crude Oil Inventories
10:30am
Beige Book
2:00pm