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 Thursday April 12, 2012
Hello Traders
“Inside day” today ( where today’s price action , highs and lows were “inside” of yesterdays range). Inside days on lower volume after a meaningful sell off, USUALLY and I repeat USUALLY mean resumption of the original break out or another leg down.
We never know what the future will hold so I will be watching early price action and reaction of the market to support and resistance levels before taking a stance in the market.
Mini Russell 2000 chart for your review below:
GOOD TRADING!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (June 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance 3 | 1376.57 | 2742.33 | 12829 | 807.57 |
| Resistance 2 | 1373.43 | 2732.67 | 12806 | 800.93 |
| Resistance 1 | 1368.97 | 2718.33 | 12775 | 797.07 |
| Pivot | 1365.83 | 2708.67 | 12752 | 790.43 |
| Support 1 | 1361.37 | 2694.33 | 12721 | 786.57 |
| Support 2 | 1358.23 | 2684.67 | 12698 | 779.93 |
| Support 3 | 1353.77 | 2670.33 | 12667 | 776.07 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | May Crude Oil | June Bonds |
| Resistance 3 | 1674.5 | 1.3251 | 105.83 | 141 17/32 |
| Resistance 2 | 1669.2 | 1.3207 | 104.48 | 141 9/32 |
| Resistance 1 | 1664.1 | 1.3160 | 103.54 | 140 31/32 |
| Pivot | 1658.8 | 1.3116 | 102.19 | 140 23/32 |
| Support 1 | 1653.7 | 1.3069 | 101.25 | 140 13/32 |
| Support 2 | 1648.4 | 1.3025 | 99.90 | 140 5/32 |
| Support 3 | 1643.3 | 1.2978 | 98.96 | 139 27/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | May Corn | May Wheat | May Beans | May Silver |
| Resistance 3 | 648.4 | 634.5 | 1444.00 | 3222.3 |
| Resistance 2 | 643.8 | 633.0 | 1437.00 | 3202.2 |
| Resistance 1 | 639.9 | 630.5 | 1429.50 | 3177.3 |
| Pivot | 635.3 | 629.0 | 1422.50 | 3157.2 |
| Support 1 | 631.4 | 626.5 | 1415.0 | 3132.3 |
| Support 2 | 626.8 | 625.0 | 1408.00 | 3112.2 |
| Support 3 | 622.9 | 622.5 | 1400.50 | 3087.3 |
5. Economic Reports
1:30am EUR
French CPI m/m
4:00am EUR
ECB Monthly Bulletin
5:00am EUR
Industrial Production m/m
7:15am USD
FOMC Member Dudley Speaks
8:30am USD
PPI m/m
8:30am USD
Trade Balance
8:30am USD
Unemployment Claims
8:30am USD
Core PPI m/m
9:00am USD
FOMC Member Lockhart Speaks
10:30am USD
Natural Gas Storage
3:30pm USD
FOMC Member Raskin Speaks