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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 February 12, 2014
Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
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Another two markets I like to touch on when it comes to “other markets to daytrade beside the mini SP 500” are crude Oil and Gold futures.
More than a few similarities between the two markets.
They are both volatile, can move VERY fast. I have seen some very large moves happen in matter of minutes if not seconds. The “fear & greed” factor really plays a role in these specific two markets.
Both have active trading hours starting with Far East trading around 10 PM est all the way to the next morning until about 3 PM est. Good volume generally speaking but not close to the mini SP or ten year notes. So you may see some slippage on stops but the volume is more than enough to trade size.
Each tick on gold is $10, so every dollar move =$100 against you or in your favor. Crude is similar, each tick = $10. One full $1 move = $1000.
Both markets were quiet today relatively speaking but even on a quiet day, the range on gold was $21 or = $2100 wide using one futures contract. Crude ranges today was less than $1 or about $890 between hi/lo.
I like using overbought/ oversold indicators on the two markets as well as using range / Renko charts.
If you never traded these markets before, I highly recommend exploring in simulation/ demo mode. get a feel for the explosiveness, volatility, personality for a few weeks before trying in live mode.
As always, any questions, please feel free to email me.
Two charts from today’s session of gold and crude for your review below ( if you like to try the charts I am using along with indicators displayed, send me an email):
Crude 18 ticks range bar Feb. 11th 2014
Gold, 36 ticks range bar Feb. 11th 2014
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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.
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| Contract March 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1807.33 | 3616.42 | 15857 | 1130.73 | 80.98 |
| Resistance 2 | 1801.42 | 3597.83 | 15808 | 1123.47 | 80.91 |
| Resistance 1 | 1798.08 | 3587.67 | 15774 | 1119.23 | 80.81 |
| Pivot | 1792.17 | 3569.08 | 15725 | 1111.97 | 80.74 |
| Support 1 | 1788.83 | 3558.92 | 15691 | 1107.73 | 80.63 |
| Support 2 | 1782.92 | 3540.33 | 15642 | 1100.47 | 80.56 |
| Support 3 | 1779.58 | 3530.17 | 15608 | 1096.23 | 80.46 |
| Contract | Apr. Gold | Mar. Silver | March Crude Oil | Mar. Bonds | Mar. Euro |
| Resistance 3 | 1293.2 | 2055.2 | 102.09 | 134 | 1.3692 |
| Resistance 2 | 1285.5 | 2041.3 | 101.32 | 133 22/32 | 1.3671 |
| Resistance 1 | 1280.1 | 2023.7 | 100.65 | 133 17/32 | 1.3659 |
| Pivot | 1272.4 | 2009.8 | 99.88 | 133 7/32 | 1.3638 |
| Support 1 | 1267.0 | 1992.2 | 99.21 | 133 2/32 | 1.3626 |
| Support 2 | 1259.3 | 1978.3 | 98.44 | 132 24/32 | 1.3605 |
| Support 3 | 1253.9 | 1960.7 | 97.77 | 132 19/32 | 1.3593 |
| Contract | March Corn | March Wheat | March Beans | March SoyMeal | March bean Oil |
| Resistance 3 | 455.3 | 586.8 | 1355.33 | 460.37 | 39.32 |
| Resistance 2 | 452.0 | 586.4 | 1347.17 | 455.53 | 39.17 |
| Resistance 1 | 447.5 | 585.6 | 1336.33 | 449.77 | 38.95 |
| Pivot | 444.3 | 585.2 | 1328.17 | 444.93 | 38.80 |
| Support 1 | 439.8 | 584.3 | 1317.3 | 439.2 | 38.6 |
| Support 2 | 436.5 | 583.9 | 1309.17 | 434.33 | 38.43 |
| Support 3 | 432.0 | 583.1 | 1298.33 | 428.57 | 38.21 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 3:51pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedFeb 12 | 5:00am | EUR | Industrial Production m/m | -0.2% | 1.8% | ||||
| 10:30am | EUR | ECB President Draghi Speaks | |||||||
| USD | Crude Oil Inventories | 2.5M | 0.4M | ||||||
| 1:01pm | USD | 10-y Bond Auction | 3.01|2.7 | ||||||
| 2:00pm | USD | Federal Budget Balance | -16.4B | 53.2B |
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.