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1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday June 6, 2012
Hello Traders,
Heads up traders! Front month for bonds, ten years and other financials is now September.
Front month for gold is August.
June is still front month for indices and currencies.
Tomorrow we have weekly Crude Oil inventories, which can usually move this market both ways pretty fast…
Crude has been in a very strong downtrend last couple of months and what I see in the below daily chart, is a chance for this market to bounce up a bit, maybe to the 88 area. The trend is still down no doubt (and it is a strong trend as indicated by 99 trend strength level in the chart), but it is rare that markets go up or down with a small correction and this is what I would look for if tomorrows numbers, or more important, market reaction to the numbers are bullish.
Daily Crude Oil chart for your review below:
GOOD TRADING!
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2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
| Contract June 2012 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1303.83 | 2522.33 | 12205 | 767.30 | 83.77 |
| Resistance 2 | 1295.17 | 2507.17 | 12165 | 756.60 | 83.40 |
| Resistance 1 | 1289.33 | 2497.33 | 12140 | 750.40 | 83.13 |
| Pivot | 1280.67 | 2482.17 | 12100 | 739.70 | 82.77 |
| Support 1 | 1274.83 | 2472.33 | 12075 | 733.50 | 82.50 |
| Support 2 | 1266.17 | 2457.17 | 12035 | 722.80 | 82.13 |
| Support 3 | 1260.33 | 2447.33 | 12010 | 716.60 | 81.86 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Aug Gold | June Euro | July Crude Oil | Sept. Bonds | |
| Resistance 3 | 1637.8 | 1.2661 | 86.61 | 151 26/32 | |
| Resistance 2 | 1631.3 | 1.2602 | 85.77 | 151 16/32 | |
| Resistance 1 | 1625.5 | 1.2528 | 85.00 | 151 | |
| Pivot | 1619.0 | 1.2469 | 84.16 | 150 22/32 | |
| Support 1 | 1613.2 | 1.2395 | 83.39 | 150 6/32 | |
| Support 2 | 1606.7 | 1.2336 | 82.55 | 149 28/32 | |
| Support 3 | 1600.9 | 1.2262 | 81.78 | 149 12/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver | |
| Resistance 3 | 588.2 | 638.0 | 1369.00 | 2915.8 | |
| Resistance 2 | 581.3 | 632.8 | 1364.50 | 2885.2 | |
| Resistance 1 | 574.4 | 623.0 | 1357.00 | 2869.3 | |
| Pivot | 567.6 | 617.8 | 1352.50 | 2838.7 | |
| Support 1 | 560.7 | 608.0 | 1345.0 | 2822.8 | |
| Support 2 | 553.8 | 602.8 | 1340.50 | 2792.2 | |
| Support 3 | 546.9 | 593.0 | 1333.00 | 2776.3 |
5. Economic Reports
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
5:00am
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading