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1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Tuesday May 8, 2012
Hello Traders,
Big moves down on the open of Sunday night session, corrected during the day session and market actually managed to close slightly higher.
Daily chart of the mini Russell 2000 for your review below, along with potential levels to watch.
GOOD TRADING!
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2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (June 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell | Dollar Index |
| Resistance 3 | 1380.67 | 2680.33 | 13063 | 822.37 | 80.50 |
| Resistance 2 | 1375.33 | 2664.17 | 13026 | 808.63 | 80.32 |
| Resistance 1 | 1370.17 | 2649.33 | 12985 | 800.27 | 79.99 |
| Pivot | 1364.83 | 2633.17 | 12948 | 786.53 | 79.81 |
| Support 1 | 1359.67 | 2618.33 | 12907 | 778.17 | 79.49 |
| Support 2 | 1354.33 | 2602.17 | 12870 | 764.43 | 79.31 |
| Support 3 | 1349.17 | 2587.33 | 12829 | 756.07 | 78.98 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 1656.3 | 1.3209 | 101.91 | 144 11/32 |
| Resistance 2 | 1650.2 | 1.3139 | 100.07 | 144 5/32 |
| Resistance 1 | 1644.5 | 1.3098 | 99.01 | 143 30/32 |
| Pivot | 1638.4 | 1.3028 | 97.17 | 143 24/32 |
| Support 1 | 1632.7 | 1.2987 | 96.11 | 143 17/32 |
| Support 2 | 1626.6 | 1.2917 | 94.27 | 143 11/32 |
| Support 3 | 1620.9 | 1.2876 | 93.21 | 143 4/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver |
| Resistance 3 | 631.7 | 624.0 | 1485.00 | 3113.3 |
| Resistance 2 | 626.3 | 618.0 | 1479.25 | 3076.2 |
| Resistance 1 | 623.2 | 615.0 | 1472.50 | 3041.8 |
| Pivot | 617.8 | 609.0 | 1466.75 | 3004.7 |
| Support 1 | 614.7 | 606.0 | 1460.0 | 2970.3 |
| Support 2 | 609.3 | 600.0 | 1454.25 | 2933.2 |
| Support 3 | 606.2 | 597.0 | 1447.50 | 2898.8 |
5. Economic Reports
6:00am EUR
German Industrial Production m/m
8:30am EUR
ECB President Draghi Speaks
10:00am USD
IBD/TIPP Economic Optimism
7:15pm USD
FOMC Member Lacker Speaks