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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 Friday January 24, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
Good intraday volatility today across many markets. This volatility can be a friend to many traders and a foe for many others…
Looks like bonds and gold had an upside breakout move while stock indices showed earlier weakness on China news but as you can see from chart below, bounced nicely off support levels.
I think for tomorrow we need to see either a break of 1830 or 1813 to favor the long or short, otherwise I anticipate an inside day with possible moves both ways.
PS: I think if we do break 1813, we can see more powerful leg down. Just my opinion…..
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GOOD TRADING
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| Contract March 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1870.83 | 3692.58 | 16557 | 1199.70 | 82.02 |
| Resistance 2 | 1857.42 | 3663.92 | 16455 | 1190.50 | 81.71 |
| Resistance 1 | 1840.58 | 3638.83 | 16281 | 1180.90 | 81.11 |
| Pivot | 1827.17 | 3610.17 | 16179 | 1171.70 | 80.80 |
| Support 1 | 1810.33 | 3585.08 | 16005 | 1162.10 | 80.20 |
| Support 2 | 1796.92 | 3556.42 | 15903 | 1152.90 | 79.89 |
| Support 3 | 1780.08 | 3531.33 | 15729 | 1143.30 | 79.29 |
| Contract | Feb. Gold | Mar. Silver | Feb. Crude Oil | Mar. Bonds | Mar. Euro |
| Resistance 3 | 1312.1 | 2098.7 | 99.41 | 134 1/32 | 1.3922 |
| Resistance 2 | 1289.5 | 2064.8 | 98.63 | 133 11/32 | 1.3811 |
| Resistance 1 | 1275.9 | 2032.2 | 97.98 | 132 26/32 | 1.3752 |
| Pivot | 1253.3 | 1998.3 | 97.20 | 132 4/32 | 1.3641 |
| Support 1 | 1239.7 | 1965.7 | 96.55 | 131 19/32 | 1.3582 |
| Support 2 | 1217.1 | 1931.8 | 95.77 | 130 29/32 | 1.3471 |
| Support 3 | 1203.5 | 1899.2 | 95.12 | 130 12/32 | 1.3412 |
| Contract | March Corn | March Wheat | March Beans | March SoyMeal | March bean Oil |
| Resistance 3 | 433.3 | 570.8 | 1310.00 | 441.57 | 38.46 |
| Resistance 2 | 432.2 | 570.7 | 1303.00 | 434.43 | 38.31 |
| Resistance 1 | 430.6 | 570.3 | 1290.00 | 426.57 | 38.09 |
| Pivot | 429.4 | 570.2 | 1283.00 | 419.43 | 37.94 |
| Support 1 | 427.8 | 569.8 | 1270.0 | 411.6 | 37.7 |
| Support 2 | 426.7 | 569.7 | 1263.00 | 404.43 | 37.57 |
| Support 3 | 425.1 | 569.3 | 1250.00 | 396.57 | 37.35 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:33pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| FriJan 24 | 4:00am | EUR | Italian Retail Sales m/m | 0.4% | -0.1% | ||||
| Day 3 | ALL | WEF Annual Meetings | |||||||
| 9:00am | EUR | Belgian NBB Business Climate | -4.4 | -6.4 |
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.