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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 Wednesday July 10, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
Some big moves took place while I was away. The two that are of most interest to me, are the stock index and crude oil futures.
Stocks had an impressive rebound following the Nikkei foot steps.
The market is now against strong resistance levels and it will be interesting to see if we can break above 1656 followed by 1680 or if the selling pressure will resume. My longer term outlook is for lower prices but I will let price action show me which side of the market has better probabilities.
Daily chart of the mini SP for your review below:
Crude Oil had a big UPSIDE move, mostly on political unrest in middle east but this market is also trading against important levels with today’s high breaking the previous high from Sept. of 2012 .
While I am sure we will see big moves both ways in the volatile crude market, price action suggests more upside in the medium/ longer term based on my personal view of the charts.
Weekly chart for your review below:
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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.
| Contract Sept. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1665.00 | 3014.50 | 15369 | 1030.90 | 85.74 |
| Resistance 2 | 1657.00 | 2999.75 | 15313 | 1024.20 | 85.35 |
| Resistance 1 | 1651.75 | 2988.50 | 15273 | 1020.00 | 85.08 |
| Pivot | 1643.75 | 2973.75 | 15217 | 1013.30 | 84.70 |
| Support 1 | 1638.50 | 2962.50 | 15177 | 1009.10 | 84.43 |
| Support 2 | 1630.50 | 2947.75 | 15121 | 1002.40 | 84.04 |
| Support 3 | 1625.25 | 2936.50 | 15081 | 998.20 | 83.77 |
| Contract | August Gold | Sept. Silver | August Crude Oil | Sept. Bonds | Sept. Euro |
| Resistance 3 | 1286.0 | 2002.5 | 106.41 | 134 10/32 | 1.3020 |
| Resistance 2 | 1272.4 | 1975.5 | 105.26 | 134 2/32 | 1.2960 |
| Resistance 1 | 1259.3 | 1947.0 | 104.62 | 133 25/32 | 1.2874 |
| Pivot | 1245.7 | 1920.0 | 103.47 | 133 17/32 | 1.2814 |
| Support 1 | 1232.6 | 1891.5 | 102.83 | 133 8/32 | 1.2728 |
| Support 2 | 1219.0 | 1864.5 | 101.68 | 133 | 1.2668 |
| Support 3 | 1205.9 | 1836.0 | 101.04 | 132 23/32 | 1.2582 |
| Contract | Dec Corn | Sept. Wheat | Nov.Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 543.2 | 682.8 | 1300.58 | 399.70 | 46.69 |
| Resistance 2 | 533.1 | 681.2 | 1290.42 | 391.70 | 46.40 |
| Resistance 1 | 527.4 | 679.3 | 1283.33 | 385.30 | 46.18 |
| Pivot | 517.3 | 677.7 | 1273.17 | 377.30 | 45.89 |
| Support 1 | 511.7 | 675.8 | 1266.1 | 370.9 | 45.7 |
| Support 2 | 501.6 | 674.2 | 1255.92 | 362.90 | 45.38 |
| Support 3 | 495.9 | 672.3 | 1248.83 | 356.50 | 45.16 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 3:53pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedJul 10 | 2:00am | EUR | German Final CPI m/m | 0.1% | 0.1% | ||||
| 2:45am | EUR | French Industrial Production m/m | -0.5% | 2.2% | |||||
| 4:00am | EUR | Italian Industrial Production m/m | 0.4% | -0.3% | |||||
| 10:00am | USD | Wholesale Inventories m/m | 0.3% | 0.2% | |||||
| 10:30am | USD | Crude Oil Inventories | -2.9M | -10.3M | |||||
| 1:00pm | USD | 10-y Bond Auction | 2.21|2.5 | ||||||
| 2:00pm | USD | FOMC Meeting Minutes | |||||||
| 4:10pm | USD | Fed Chairman Bernanke Speaks |