Futures Trading Levels and Economic Reports for October 23, 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 Wednesday October 23, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
I had 3376 as potential target for the mini NASDAQ for the last week or so. To be honest, I DID NOT think it would make it there but it did…question is now what?
If you are a counter trend trader, you can go short against this level risking a few points above it. If you are more on the conservative side, you probably want to wait for a trigger that the market is running out of steam before trying the short side….That trigger may be a cross over of stochastic on the hourly chart, perhaps a break below today’s lows….really depends on the style of trade you feel comfortable with and the time frame you are trading. The chart below is more for what I call swing trading rather than day trading.
There are many different ways to lose money trading futures and very few to make $$$. Some methods will work on some markets, some of the time. I have not found a way that works on all markets all the time….
Daily chart for your review below:
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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.
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| Contract Dec. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1775.83 | 3418.08 | 15628 | 1132.70 | 80.33 |
| Resistance 2 | 1765.17 | 3397.67 | 15543 | 1126.60 | 80.09 |
| Resistance 1 | 1757.33 | 3378.83 | 15473 | 1119.80 | 79.70 |
| Pivot | 1746.67 | 3358.42 | 15388 | 1113.70 | 79.47 |
| Support 1 | 1738.83 | 3339.58 | 15318 | 1106.90 | 79.08 |
| Support 2 | 1728.17 | 3319.17 | 15233 | 1100.80 | 78.84 |
| Support 3 | 1720.33 | 3300.33 | 15163 | 1094.00 | 78.45 |
| Contract | Dec. Gold | Dec. Silver | Dec. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1388.8 | 2387.3 | 101.83 | 136 28/32 | 1.3960 |
| Resistance 2 | 1366.7 | 2335.2 | 101.06 | 136 | 1.3877 |
| Resistance 1 | 1353.6 | 2302.8 | 99.68 | 135 15/32 | 1.3829 |
| Pivot | 1331.5 | 2250.7 | 98.91 | 134 19/32 | 1.3746 |
| Support 1 | 1318.4 | 2218.3 | 97.53 | 134 2/32 | 1.3698 |
| Support 2 | 1296.3 | 2166.2 | 96.76 | 133 6/32 | 1.3615 |
| Support 3 | 1283.2 | 2133.8 | 95.38 | 132 21/32 | 1.3567 |
| Contract | Dec Corn | Dec. Wheat | Nov.Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 447.8 | 704.5 | 1317.83 | 425.10 | 41.97 |
| Resistance 2 | 445.4 | 703.8 | 1311.42 | 421.30 | 41.86 |
| Resistance 1 | 441.8 | 702.3 | 1306.83 | 418.70 | 41.69 |
| Pivot | 439.4 | 701.5 | 1300.42 | 414.90 | 41.58 |
| Support 1 | 435.8 | 700.0 | 1295.8 | 412.3 | 41.4 |
| Support 2 | 433.4 | 699.3 | 1289.42 | 408.50 | 41.30 |
| Support 3 | 429.8 | 697.8 | 1284.83 | 405.90 | 41.13 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:01pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedOct 23 | Tentative | EUR | German 30-y Bond Auction | 2.47|1.6 | |||||
| 8:30am | USD | Import Prices m/m | 0.3% | 0.0% | |||||
| 9:00am | EUR | Belgian NBB Business Climate | -4.1 | -6.7 | |||||
| USD | HPI m/m | 0.8% | 1.0% | ||||||
| 10:00am | EUR | Consumer Confidence | -14 | -15 | |||||
| 10:30am | USD | Crude Oil Inventories | 2.7M | 4.0M |
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.
