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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 Thursday March 5, 2015
Hello Traders,
For 2015 I would like to wish all of you discipline and patience in your trading!
I put this piece together for equities.com about spreads and futures spreads.
Although this specific spread I wrote about (long unleaded/short heating oil) is nicely in the money and probably too late at these levels, I discuss some resources and ideas that are a good read for anyone looking to diversify their trading, perhaps add a different weapon other than day-trading and in general:
Looking To Exploit Seasonal Balancing Within The Energy Sector
There are intra-commodity spreads, like being long May corn and short December corn, and there are inter-commodity spreads, like being long May wheat and short May corn.
Personally, I like spreads. At times, they can offer a little more staying power. That does not mean that spreads are less risky, but in my opinion, they can provide a trader with more room to manuever.
There is an excellent article about future spreads written by my colleague at Cannon Trading, which you can read here. There is also a great source, called MRCI. The team at MRCI produces many different reports about seasonal tendencies, among other financial concerns. One of their reports is the monthly spread idea report. This month, one spread in particular caught my eye. It is the long May unleaded gas and short May heating oil.
Below is some of the logic shared by MRCI for this trade, which I am sharing with you:
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 2015 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2125.58 | 4501.42 | 18352 | 1243.13 | 96.94 |
| Resistance 2 | 2115.17 | 4479.83 | 18269 | 1237.37 | 96.51 |
| Resistance 1 | 2106.08 | 4462.42 | 18179 | 1233.23 | 96.24 |
| Pivot | 2095.67 | 4440.83 | 18096 | 1227.47 | 95.80 |
| Support 1 | 2086.58 | 4423.42 | 18006 | 1223.33 | 95.53 |
| Support 2 | 2076.17 | 4401.83 | 17923 | 1217.57 | 95.10 |
| Support 3 | 2067.08 | 4384.42 | 17833 | 1213.43 | 94.83 |
| Contract | Apr. Gold | May Silver | April Crude Oil | June Bonds | March Euro |
| Resistance 3 | 1216.3 | 16.64 | 55.05 | 160 2/32 | 1.1279 |
| Resistance 2 | 1212.4 | 16.50 | 53.52 | 159 23/32 | 1.1233 |
| Resistance 1 | 1205.6 | 16.34 | 52.66 | 159 8/32 | 1.1155 |
| Pivot | 1201.7 | 16.20 | 51.13 | 158 29/32 | 1.1109 |
| Support 1 | 1194.9 | 16.03 | 50.27 | 158 14/32 | 1.1031 |
| Support 2 | 1191.0 | 15.89 | 48.74 | 158 3/32 | 1.0985 |
| Support 3 | 1184.2 | 15.73 | 47.88 | 157 20/32 | 1.0907 |
| Contract | May Corn | May Wheat | May Beans | May SoyMeal | May bean Oil |
| Resistance 3 | 393.6 | 496.0 | 1009.00 | 338.93 | 33.23 |
| Resistance 2 | 391.7 | 496.0 | 1006.00 | 336.37 | 33.02 |
| Resistance 1 | 390.6 | 496.0 | 1000.00 | 331.73 | 32.62 |
| Pivot | 388.7 | 496.0 | 997.00 | 329.17 | 32.41 |
| Support 1 | 387.6 | 496.0 | 991.0 | 324.5 | 32.0 |
| Support 2 | 385.7 | 496.0 | 988.00 | 321.97 | 31.80 |
| Support 3 | 384.6 | 496.0 | 982.00 | 317.33 | 31.40 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:12pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuMar 5 | 2:00am | EUR | German Factory Orders m/m | -1.0% | 4.2% | ||||
| 4:10am | EUR | Retail PMI | 46.6 | ||||||
| Tentative | EUR | French 10-y Bond Auction | 0.61|1.9 | ||||||
| 7:30am | USD | Challenger Job Cuts y/y | 17.6% | ||||||
| 7:45am | EUR | Minimum Bid Rate | 0.05% | 0.05% | |||||
| 8:30am | EUR | ECB Press Conference | |||||||
| USD | Unemployment Claims | 293K | 313K | ||||||
| USD | Revised Nonfarm Productivity q/q | -2.3% | -1.8% | ||||||
| USD | Revised Unit Labor Costs q/q | 3.3% | 2.7% | ||||||
| 10:00am | USD | FOMC Member Williams Speaks | |||||||
| USD | Factory Orders m/m | 0.2% | -3.4% | ||||||
| 10:30am | USD | Natural Gas Storage | -224B | -219B |
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.