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
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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