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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 – Corn, Wheat, Beans, Silver
5. Economic Reports for Monday May 14, 2012
Hello Traders,
I thought we finished the week on a somewhat bearish note….
The market tried to penetrate higher the last 3 sessions and failed each time.
Also I got a sell signal on the weekly chart which I am attaching below for your review.
I think what type of price action we will see ( if ) when we trade at 1336- 1339 area, may give us further clues about this market.
On a different note, below you will see a screen shot from today’s live trading signals I share with clients and prospects. This one is of the Mini SP 500 from May 11th 2012. We had one long signal during the early AM session before I start the service and one short signal midday, which turned out to be a good one. Of course, not all signals are as good…but if you like to come and try the service on free trial basis, please visit:
https://www.cannontrading.com/education-day-trading-webinar
Would you like to have access to my DIAMOND and TOPAZ ALGOs as shown above and be able to apply for any market and any time frame on your own PC ? You can now have a two weeks free trial where I enable the ALGO along with few studies for your own sierra/ ATcharts.
If so, please send me an email with the following information:
1. Are you currently trading futures?
2. Charting software you use?
3. If you use sierra or ATcharts, please let me know the user name so I can enable you
4. Markets you currently trading?
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 | Dollar Index |
| Resistance 3 | 1376.93 | 2671.33 | 12978 | 806.90 | 80.80 |
| Resistance 2 | 1369.97 | 2655.67 | 12927 | 800.80 | 80.64 |
| Resistance 1 | 1359.73 | 2633.33 | 12853 | 794.40 | 80.53 |
| Pivot | 1352.77 | 2617.67 | 12802 | 788.30 | 80.37 |
| Support 1 | 1342.53 | 2595.33 | 12728 | 781.90 | 80.26 |
| Support 2 | 1335.57 | 2579.67 | 12677 | 775.80 | 80.10 |
| Support 3 | 1325.33 | 2557.33 | 12603 | 769.40 | 79.99 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 1616.5 | 1.3004 | 98.41 | 145 26/32 |
| Resistance 2 | 1605.9 | 1.2982 | 97.81 | 145 15/32 |
| Resistance 1 | 1593.3 | 1.2951 | 96.82 | 145 9/32 |
| Pivot | 1582.7 | 1.2929 | 96.22 | 144 30/32 |
| Support 1 | 1570.1 | 1.2898 | 95.23 | 144 24/32 |
| Support 2 | 1559.5 | 1.2876 | 94.63 | 144 13/32 |
| Support 3 | 1546.9 | 1.2845 | 93.64 | 144 7/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver |
| Resistance 3 | 610.0 | 603.7 | 1472.25 | 2985.7 |
| Resistance 2 | 601.0 | 601.3 | 1458.00 | 2947.8 |
| Resistance 1 | 591.0 | 599.2 | 1432.00 | 2917.2 |
| Pivot | 582.0 | 596.8 | 1417.75 | 2879.3 |
| Support 1 | 572.0 | 594.7 | 1391.8 | 2848.7 |
| Support 2 | 563.0 | 592.3 | 1377.50 | 2810.8 |
| Support 3 | 553.0 | 590.2 | 1351.50 | 2780.2 |
5. Economic Reports
2:00am EUR
German WPI m/m
5:00am EUR
Industrial Production m/m
Tentative EUR
Italian 10-y Bond Auction
14th-18th USD
Mortgage Delinquencies