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 – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday May 17, 2012
Hello Traders,
Weekly chart of the mini NASDAQ with possible levels to watch for your review below.
Patience, discipline and ability to accept losses are some of the biggest keys for any trading, especially for day-trading.
Write your rules down, post them on the computer and make a conscious effort to follow them. I know when I follow my own rules, it helps me and sometimes the biggest battle is just staying disciplined.
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 | 1351.00 | 2628.33 | 12783 | 793.30 | 82.18 |
| Resistance 2 | 1345.25 | 2612.67 | 12742 | 788.20 | 81.96 |
| Resistance 1 | 1334.00 | 2587.33 | 12658 | 779.10 | 81.78 |
| Pivot | 1328.25 | 2571.67 | 12617 | 774.00 | 81.56 |
| Support 1 | 1317.00 | 2546.33 | 12533 | 764.90 | 81.38 |
| Support 2 | 1311.25 | 2530.67 | 12492 | 759.80 | 81.16 |
| Support 3 | 1300.00 | 2505.33 | 12408 | 750.70 | 80.98 |
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 | 1577.4 | 1.2832 | 96.27 | 148 21/32 |
| Resistance 2 | 1564.8 | 1.2797 | 95.21 | 147 28/32 |
| Resistance 1 | 1551.9 | 1.2754 | 93.92 | 147 12/32 |
| Pivot | 1539.3 | 1.2719 | 92.86 | 146 19/32 |
| Support 1 | 1526.4 | 1.2676 | 91.57 | 146 3/32 |
| Support 2 | 1513.8 | 1.2641 | 90.51 | 145 10/32 |
| Support 3 | 1500.9 | 1.2598 | 89.22 | 144 26/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver |
| Resistance 3 | 648.4 | 675.5 | 1450.00 | 2907.5 |
| Resistance 2 | 634.3 | 657.3 | 1436.00 | 2852.0 |
| Resistance 1 | 627.2 | 648.0 | 1429.00 | 2784.0 |
| Pivot | 613.1 | 629.8 | 1415.00 | 2728.5 |
| Support 1 | 605.9 | 620.5 | 1408.0 | 2660.5 |
| Support 2 | 591.8 | 602.3 | 1394.00 | 2605.0 |
| Support 3 | 584.7 | 593.0 | 1387.00 | 2537.0 |
5. Economic Reports
All Day EUR
French Bank Holiday
All Day EUR
German Bank Holiday
8:30am USD
Unemployment Claims
8:30am USD
Treasury Sec Geithner Speaks
10:00am USD
Philly Fed Manufacturing Index
10:00am USD
CB Leading Index m/m
10:30am USD
Natural Gas Storage