Crude Oil and Stock Index Futures: Small Bounce or Short-Term Bottom?

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

Hello Traders,

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

mini sp daily

 

Crude Oil Futures Daily chart 
crude oil futures daily chart

 

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.

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

 

Contract June 2012 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1342.33 2634.50 12640 790.93 81.95
Resistance 2 1328.57 2590.00 12560 777.17 81.75
Resistance 1 1321.53 2567.00 12520 769.83 81.41
Pivot 1307.77 2522.50 12440 756.07 81.22
Support 1 1300.73 2499.50 12400 748.73 80.88
Support 2 1286.97 2455.00 12320 734.97 80.68
Support 3 1279.93 2432.00 12280 727.63 80.34

 

 

 

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

 

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
Pivot 1592.0 1.2790 92.58 147 23/32
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

 

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract July Corn July Wheat July Beans July Silver
Resistance 3 648.8 718.2 1430.67 2969.2
Resistance 2 644.0 711.3 1425.83 2927.3
Resistance 1 638.5 707.7 1419.17 2887.2
Pivot 633.8 700.8 1414.33 2845.3
Support 1 628.3 697.2 1407.7 2805.2
Support 2 623.5 690.3 1402.83 2763.3
Support 3 618.0 686.7 1396.17 2723.2

 

5. Economic Reports, source: http://www.forexfactory.com/calendar.phpAll times are Eastern time Zone (EST)

 

Date

Currency

Impact

Detail

Actual

Forecast

Previous

Chart

Tue

May 22

  6:15am

USD

FOMC Member Lockhart Speaks

10:00am

EUR

Consumer Confidence

-20

-20

10:00am

USD

Existing Home Sales

4.62M

4.48M

10:00am

USD

Richmond Manufacturing Index

12

14

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 herein 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!

Tags: > > > Posted in: Crude Oil   | Future Trading News  

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