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 7, 2012
Hello Traders,
I mentioned last week I was looking for a confirmation to go short the mini SP500 on a swing trading basis. The confirmation came during last night session when the market broke below the red moving avg. ( my trigger) at 1363.
The hard question now is where does one place a stop, where does one look for profit target? etc.
The answer can vary quite a bit from trader to trader based on ones account size, time frame traded, market outlook and much more….
My initial target is still 1323 followed by 1289 but the hard part is where to place a stop now that the market has moved in my favor?
The proper stop is still around 1371, but like I said, you can attack this in many different ways and only the future will tell which route was the best to manage this trade…..
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 | 1358.43 | 2612.00 | 12877 | 821.87 |
| Resistance Level 2 | 1353.87 | 2602.50 | 12843 | 813.63 |
| Resistance Level 1 | 1347.93 | 2595.00 | 12792 | 800.17 |
| Pivot Point | 1343.37 | 2585.50 | 12758 | 791.93 |
| Support Level 1 | 1337.43 | 2578.00 | 12707 | 778.47 |
| Support Level 2 | 1332.87 | 2568.50 | 12673 | 770.23 |
| Support Level 3 | 1326.93 | 2561.00 | 12622 | 756.77 |
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 | 1747.5 | 1.3317 | 109.46 | 144 7/32 |
| Resistance Level 2 | 1728.7 | 1.3272 | 108.40 | 143 9/32 |
| Resistance Level 1 | 1701.1 | 1.3194 | 106.63 | 142 18/32 |
| Pivot Point | 1682.3 | 1.3149 | 105.57 | 141 20/32 |
| Support Level 1 | 1654.7 | 1.3071 | 103.80 | 140 29/32 |
| Support Level 2 | 1635.9 | 1.3026 | 102.74 | 139 31/32 |
| Support Level 3 | 1608.3 | 1.2948 | 100.97 | 139 8/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | May Corn | May Wheat | May Beans | May Silver |
| Resistance Level 3 | 666.8 | 660.7 | 1362.17 | 3561.5 |
| Resistance Level 2 | 662.7 | 659.6 | 1349.08 | 3491.0 |
| Resistance Level 1 | 658.3 | 658.7 | 1342.17 | 3390.0 |
| Pivot Point | 654.2 | 657.6 | 1329.08 | 3319.5 |
| Support 1 | 649.8 | 656.7 | 1322.2 | 3218.5 |
| Support Level 2 | 645.7 | 655.6 | 1309.08 | 3148.0 |
| Support Level 3 | 641.3 | 654.7 | 1302.17 | 3047.0 |
5. Economic Reports
8:15am USD
ADP Non-Farm Employment Change
8:30am USD
Revised Nonfarm Productivity q/q
8:30am USD
Revised Unit Labor Costs q/q
10:30am USD
Crude Oil Inventories
3:00pm USD
Consumer Credit m/m