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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 13, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
Must say this rally caught me off guard….
I am letting my rational mind do the thinking instead of my trading mind…..
My rational mind is asking “Why the heck are we trading where are, making all time highs?”
My trading mind is saying “Market found support and is resuming the path of least resistance….which is up”
For some reason when it comes to stock index futures I keep making the mistake of allowing my rational mind get in there.
I don’t do it with other markets…If crude is making a big move I use my “trading mind”, same with Natural Gas, gold etc. for some reason with stock index futures I tend to fight and argue with the market and the market always wins….
Daily chart of the Dow Jones Cash index below for your review:
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GOOD TRADING
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| Contract June 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1918.58 | 3691.42 | 16830 | 1172.37 | 80.13 |
| Resistance 2 | 1905.92 | 3650.83 | 16745 | 1153.73 | 80.05 |
| Resistance 1 | 1899.33 | 3629.42 | 16701 | 1141.47 | 80.00 |
| Pivot | 1886.67 | 3588.83 | 16616 | 1122.83 | 79.92 |
| Support 1 | 1880.08 | 3567.42 | 16572 | 1110.57 | 79.87 |
| Support 2 | 1867.42 | 3526.83 | 16487 | 1091.93 | 79.79 |
| Support 3 | 1860.83 | 3505.42 | 16443 | 1079.67 | 79.74 |
| Contract | June Gold | July Silver | June Crude Oil | June Bonds | June Euro |
| Resistance 3 | 1334.7 | 2042.0 | 102.07 | 136 11/32 | 1.3797 |
| Resistance 2 | 1319.6 | 2004.5 | 101.50 | 136 2/32 | 1.3785 |
| Resistance 1 | 1307.9 | 1979.5 | 101.07 | 135 23/32 | 1.3771 |
| Pivot | 1292.8 | 1942.0 | 100.50 | 135 14/32 | 1.3759 |
| Support 1 | 1281.1 | 1917.0 | 100.07 | 135 3/32 | 1.3745 |
| Support 2 | 1266.0 | 1879.5 | 99.50 | 134 26/32 | 1.3733 |
| Support 3 | 1254.3 | 1854.5 | 99.07 | 134 15/32 | 1.3719 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | July bean Oil |
| Resistance 3 | 508.9 | 725.5 | 1491.17 | 499.20 | 42.19 |
| Resistance 2 | 506.8 | 720.5 | 1485.08 | 494.60 | 41.92 |
| Resistance 1 | 503.2 | 717.8 | 1475.17 | 486.40 | 41.45 |
| Pivot | 501.1 | 712.8 | 1469.08 | 481.80 | 41.18 |
| Support 1 | 497.4 | 710.0 | 1459.2 | 473.6 | 40.7 |
| Support 2 | 495.3 | 705.0 | 1453.08 | 469.00 | 40.44 |
| Support 3 | 491.7 | 702.3 | 1443.17 | 460.80 | 39.97 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:02pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| TueMay 13 | 2:00am | EUR | German WPI m/m | 0.1% | 0.0% | ||||
| 5:00am | EUR | German ZEW Economic Sentiment | 41.3 | 43.2 | |||||
| EUR | ZEW Economic Sentiment | 63.5 | 61.2 | ||||||
| 7:30am | USD | NFIB Small Business Index | 94.6 | 93.4 | |||||
| 8:30am | USD | Core Retail Sales m/m | 0.6% | 0.7% | |||||
| USD | Retail Sales m/m | 0.5% | 1.2% | ||||||
| USD | Import Prices m/m | 0.4% | 0.6% | ||||||
| 10:00am | USD | Business Inventories m/m | 0.4% | 0.4% |
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 here in 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.