Cannon Trading New Website! | Support and Resistance Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 15, 2012
Cannon Trading Co, Inc. NEW WEBSITE TO LAUNCH TONIGHT!
Same great information, more tools and much better presentation and ease of navigation!
I wrote Friday after the close:
“I thought we finished the week on a somewhat bearish note….
The market tried to penetrate higher the last 3 sessions and failed each time.
Also I got a sell signal on the weekly chart which I am attaching below for your review.
I think what type of price action we will see ( if ) when we trade at 1336- 1339 area, may give us further clues about this market. “
Well we tested this area today and did not get much of a bounce and actually closed right at 1336.
To me this shift the medium – longer term stance into bearish but as I said in the past, each day is different and one can not tell what the next day will bring…..
On a different note ( market) , weekly chart of the gold market for your review below with some key areas to watch.
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|Contract (June 2012)||SP500
(big & Mini)
(big & Mini)
(big & Mini)
|Mini Russell||Dollar Index|
|Contract||June Gold||June Euro||June Crude Oil||June Bonds|
|Resistance 3||1608.1||1.2970||97.62||148 4/32|
|Resistance 2||1597.0||1.2938||96.73||147 10/32|
|Resistance 1||1577.3||1.2889||95.44||146 25/32|
|Support 1||1546.5||1.2808||93.26||145 14/32|
|Support 2||1535.4||1.2776||92.37||144 20/32|
|Support 3||1515.7||1.2727||91.08||144 3/32|
|Contract||July Corn||July Wheat||July Beans||July Silver|
5. Economic Reports
French Prelim GDP q/q
French CPI m/m
German Prelim GDP q/q
French Prelim Non-Farm Payrolls q/q
Italian Prelim GDP q/q
German ZEW Economic Sentiment
Flash GDP q/q
ZEW Economic Sentiment
All Day EUR
Core CPI m/m
Core Retail Sales m/m
Retail Sales m/m
Empire State Manufacturing Index
TIC Long-Term Purchases
FOMC Member Duke Speaks
Business Inventories m/m
NAHB Housing Market Index