Futures Trading Levels and Reports for May 7, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Tuesday May 7, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
We started this week very quietly, especially compare to last week. Much lower volume and narrower trading range.
Last week we had a slew of reports and events and the daily ranges were wider than the average ( take a look at the Mini Dow Jones daily chart below and the ATR, average true range study in it). This week we started quietly and there is not much activity ahead on the economic calendar until Thursday.
Try to get a feel for the market early in the day by looking at the overnight range as well as the range of the first trading hour after cash open. This can help you estimate what type of range/ volatility we may have and adjust your trading parameters accordingly.
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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.
| Contract June 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1624.58 | 2974.33 | 14976 | 968.73 | 83.00 |
| Resistance 2 | 1619.92 | 2964.17 | 14952 | 963.77 | 82.74 |
| Resistance 1 | 1616.58 | 2956.83 | 14930 | 960.63 | 82.56 |
| Pivot | 1611.92 | 2946.67 | 14906 | 955.67 | 82.30 |
| Support 1 | 1608.58 | 2939.33 | 14884 | 952.53 | 82.13 |
| Support 2 | 1603.92 | 2929.17 | 14860 | 947.57 | 81.87 |
| Support 3 | 1600.58 | 2921.83 | 14838 | 944.43 | 81.69 |
| Contract | June Gold | July Silver | June Crude Oil | June Bonds | June Euro |
| Resistance 3 | 1491.8 | 2492.7 | 99.36 | 147 31/32 | 1.3218 |
| Resistance 2 | 1485.1 | 2467.3 | 98.26 | 147 20/32 | 1.3181 |
| Resistance 1 | 1477.2 | 2432.7 | 97.04 | 147 4/32 | 1.3129 |
| Pivot | 1470.5 | 2407.3 | 95.94 | 146 25/32 | 1.3092 |
| Support 1 | 1462.6 | 2372.7 | 94.72 | 146 9/32 | 1.3040 |
| Support 2 | 1455.9 | 2347.3 | 93.62 | 145 30/32 | 1.3003 |
| Support 3 | 1448.0 | 2312.7 | 92.40 | 145 14/32 | 1.2951 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | July bean Oil |
| Resistance 3 | 658.0 | 712.3 | 1395.50 | 415.87 | 49.97 |
| Resistance 2 | 652.5 | 710.4 | 1389.75 | 412.53 | 49.71 |
| Resistance 1 | 644.5 | 706.6 | 1379.50 | 406.87 | 49.23 |
| Pivot | 639.0 | 704.7 | 1373.75 | 403.53 | 48.97 |
| Support 1 | 631.0 | 700.8 | 1363.5 | 397.9 | 48.5 |
| Support 2 | 625.5 | 698.9 | 1357.75 | 394.53 | 48.23 |
| Support 3 | 617.5 | 695.1 | 1347.50 | 388.87 | 47.75 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:15pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| TueMay 7 | 2:45am | EUR | French Industrial Production m/m | -0.2% | 0.7% | ||||
| EUR | French Gov Budget Balance | -27.1B | |||||||
| EUR | French Trade Balance | -5.3B | -6.0B | ||||||
| 6:00am | EUR | German Factory Orders m/m | -0.4% | 2.3% | |||||
| 10:00am | USD | IBD/TIPP Economic Optimism | 47.1 | 46.2 | |||||
| 3:00pm | USD | Consumer Credit m/m | 16.2B | 18.1B | |||||
| 4:00pm | USD | Treasury Sec Lew Speaks |
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
