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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 February 7, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
There is more to daytrading than e-minis….:
Few days ago I touched on the financial sector, mostly bonds and ten years. Today I would like to talk a little about the currency futures markets. I personally prefer currency futures over FOREX any day. More than a few reasons but the main ones are: currency futures trade on one, regulated main exchange ( CME) while FOREX trades through different interbanks and other means of transactions that are not necessarily regulated. FOREX are “commission free” but in reality there is a spread built in that dealer marks up each time you buy or sell which makes FOREX more expensive than futures.
The main ones I like to follow are:
The Euro , The Yen, The British Pound, The Australian. All are paired versus the US$.
Each market will have different times of higher volume which can allow for traders in all time zones to pick their market. Simply open an hourly chart, like the example i am showing below of the Australian $ and add the volume indicator to observe what times the market has the most action.
- 1 Euro tick is $12.50
- 1 Yen tick is $12.50
- 1 Aussie tick is $10
- 1 British tick is $6.25
Currency futures will often trend better than other segments and will experience different levels of volatility during economic reports in the different parts of the world.
If you plan on following any currencies, start in demo mode, know what reports are coming that affect the specific currency you are trading, take a look at the daily, weekly charts to get a feel and monitor the action for a while.
Any questions and i will be happy to assist.
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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 March 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1801.92 | 3560.25 | 15828 | 1121.53 | 81.83 |
| Resistance 2 | 1785.83 | 3529.75 | 15702 | 1113.37 | 81.59 |
| Resistance 1 | 1776.17 | 3508.75 | 15628 | 1105.43 | 81.29 |
| Pivot | 1760.08 | 3478.25 | 15502 | 1097.27 | 81.05 |
| Support 1 | 1750.42 | 3457.25 | 15428 | 1089.33 | 80.74 |
| Support 2 | 1734.33 | 3426.75 | 15302 | 1081.17 | 80.50 |
| Support 3 | 1724.67 | 3405.75 | 15228 | 1073.23 | 80.20 |
| Contract | Apr. Gold | Mar. Silver | March Crude Oil | Mar. Bonds | Mar. Euro |
| Resistance 3 | 1280.8 | 2047.7 | 100.26 | 134 7/32 | 1.3786 |
| Resistance 2 | 1274.1 | 2032.8 | 99.55 | 133 29/32 | 1.3703 |
| Resistance 1 | 1265.8 | 2012.7 | 98.68 | 133 16/32 | 1.3647 |
| Pivot | 1259.1 | 1997.8 | 97.97 | 133 6/32 | 1.3564 |
| Support 1 | 1250.8 | 1977.7 | 97.10 | 132 25/32 | 1.3508 |
| Support 2 | 1244.1 | 1962.8 | 96.39 | 132 15/32 | 1.3425 |
| Support 3 | 1235.8 | 1942.7 | 95.52 | 132 2/32 | 1.3369 |
| Contract | March Corn | March Wheat | March Beans | March SoyMeal | March bean Oil |
| Resistance 3 | 451.0 | 595.5 | 1336.83 | 456.50 | 39.34 |
| Resistance 2 | 449.0 | 592.3 | 1333.92 | 452.40 | 39.18 |
| Resistance 1 | 446.0 | 586.5 | 1329.83 | 449.20 | 38.92 |
| Pivot | 444.0 | 583.3 | 1326.92 | 445.10 | 38.76 |
| Support 1 | 441.0 | 577.5 | 1322.8 | 441.9 | 38.5 |
| Support 2 | 439.0 | 574.3 | 1319.92 | 437.80 | 38.34 |
| Support 3 | 436.0 | 568.5 | 1315.83 | 434.60 | 38.08 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 3:37pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| FriFeb 7 | 2:00am | EUR | German Trade Balance | 17.3B | 17.8B | ||||
| 2:45am | EUR | French Gov Budget Balance | -87.0B | ||||||
| EUR | French Trade Balance | -5.6B | -5.7B | ||||||
| 6:00am | EUR | German Industrial Production m/m | 0.5% | 1.9% | |||||
| 8:30am | USD | Non-Farm Employment Change | 185K | 74K | |||||
| USD | Unemployment Rate | 6.7% | 6.7% | ||||||
| USD | Average Hourly Earnings m/m | 0.2% | 0.1% | ||||||
| 3:00pm | USD | Consumer Credit m/m | 12.4B | 12.3B |
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.