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 March 1, 2012
Happy Leap Day!
Hello Traders,
Daily chart of the Mini SP500 for your review below.
After more than a few narrow trading sessions on relatively low volume, we had a small reversal and breakout to the down side on above than avg. volume.
I would look to be a seller as a swing trading idea if the market breaks below 1356.
My recommended stop would be 1379.00 and my initial target would be 1323 followed by 1289.
Of course this is just my opinion using technical analysis and each trader should make their own trading decision based on their risk tolerance and their own judgment but I thought I would share it with the blog readers.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (March 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance Level 3 | 1388.50 | 2671.67 | 13138 | 842.80 |
| Resistance Level 2 | 1382.75 | 2658.33 | 13087 | 836.20 |
| Resistance Level 1 | 1374.00 | 2640.67 | 13018 | 824.30 |
| Pivot Point | 1368.25 | 2627.33 | 12967 | 817.70 |
| Support Level 1 | 1359.50 | 2609.67 | 12898 | 805.80 |
| Support Level 2 | 1353.75 | 2596.33 | 12847 | 799.20 |
| Support Level 3 | 1345.00 | 2578.67 | 12778 | 787.30 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | April. Gold | March Euro | April Crude Oil | March. Bonds |
| Resistance Level 3 | 1865.8 | 1.3610 | 110.56 | 144 6/32 |
| Resistance Level 2 | 1829.0 | 1.3549 | 108.99 | 143 15/32 |
| Resistance Level 1 | 1761.9 | 1.3438 | 107.97 | 142 18/32 |
| Pivot Point | 1725.1 | 1.3377 | 106.40 | 141 27/32 |
| Support Level 1 | 1658.0 | 1.3266 | 105.38 | 140 30/32 |
| Support Level 2 | 1621.2 | 1.3205 | 103.81 | 140 7/32 |
| Support Level 3 | 1554.1 | 1.3094 | 102.79 | 139 10/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | May Corn | May Wheat | May Beans | May Silver |
| Resistance Level 3 | 669.4 | 680.5 | 1340.67 | 4057.3 |
| Resistance Level 2 | 665.3 | 676.0 | 1332.33 | 3907.7 |
| Resistance Level 1 | 661.7 | 672.0 | 1326.17 | 3681.8 |
| Pivot Point | 657.6 | 667.5 | 1317.83 | 3532.2 |
| Support Level 1 | 653.9 | 663.5 | 1311.7 | 3306.3 |
| Support Level 2 | 649.8 | 659.0 | 1303.33 | 3156.7 |
| Support Level 3 | 646.2 | 655.0 | 1297.17 | 2930.8 |
5. Economic Reports
4:00am EUR
Italian Monthly Unemployment Rate
5:00am EUR
CPI Flash Estimate y/y
5:00am EUR
Unemployment Rate
5:00am EUR
Italian Prelim CPI m/m
8:30am USD
Unemployment Claims
8:30am USD
Core PCE Price Index m/m
0.2%
0.2%
8:30am USD
Personal Spending m/m
8:30am USD
Personal Income m/m
10:00am USD
Fed Chairman Bernanke Testifies
10:00am USD
ISM Manufacturing PMI
10:00am USD
Construction Spending m/m
10:00am USD
ISM Manufacturing Prices
10:30am USD
FOMC Member Raskin Speaks
10:30am USD
Natural Gas Storage
All Day USD
Total Vehicle Sales
12:30pm USD
FOMC Member Lockhart Speaks