Crude Oil and Stock Index Futures: Small Bounce or Short-Term Bottom?
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
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 22, 2012
We started the week with nice bounce on stock indices, crude oil and gold continue to hold.
The big question: Is this a small correction/ bounce after the strong sell off last week or is this a short term bottom?
My opinion is that it is just a normal bounce after strong sell off and that there is more room on the downside but we will need to see the market reaction if we can climb up to 1320 and 1337 on the SP and 94.50 on the crude oil
Daily charts of both below for your review:
Mini SP daily Chart
Crude Oil Futures Daily chart
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|Contract June 2012||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||June Euro||July Crude Oil||June Bonds|
|Resistance 3||1613.9||1.2954||96.26||148 31/32|
|Resistance 2||1606.5||1.2890||94.80||148 17/32|
|Resistance 1||1599.4||1.2854||94.04||148 5/32|
|Support 1||1584.9||1.2754||91.82||147 11/32|
|Support 2||1577.5||1.2690||90.36||146 29/32|
|Support 3||1570.4||1.2654||89.60||146 17/32|
|Contract||July Corn||July Wheat||July Beans||July Silver|
|5. Economic Reports, source: http://www.forexfactory.com/calendar.phpAll times are Eastern time Zone (EST)|
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