Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 May 7, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
Below is a screen shot of the Crude Oil chart from the last few trading sessions. I use 18 ticks range bar chart. This model does well when the market has two sided volatility and action like in the chart below but tend to get chopped when there is a strong trend.
Would you like to have access to my DIAMOND and TOPAZ ALGOs as shown above
and be able to apply for any market and any time frame on your own PC ? You can now have a three weeks free trial where I enable the ALGO along with few studies for your own sierra/ ATcharts OR CQG Q trader.
To start your trial, please send me an email with the following information:
1. Are you currently trading futures?
2. Charting software you use?
3. If you use sierra or ATcharts, please let me know the user name so I can enable you
4. Markets you currently trading?
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.
ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NO INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS
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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 June 2014||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||July Silver||June Crude Oil||June Bonds||June Euro|
|Resistance 3||1323.3||1990.5||101.32||136 25/32||1.4042|
|Resistance 2||1318.8||1981.0||100.87||136 17/32||1.3996|
|Resistance 1||1313.4||1969.5||100.22||136 9/32||1.3963|
|Support 1||1303.5||1948.5||99.12||135 25/32||1.3884|
|Support 2||1299.0||1939.0||98.67||135 17/32||1.3838|
|Support 3||1293.6||1927.5||98.02||135 9/32||1.3805|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July bean Oil|
|WedMay 7||2:00am||EUR||German Factory Orders m/m||0.3%||0.6%|
|2:45am||EUR||French Industrial Production m/m||0.3%||0.1%|
|EUR||French Trade Balance||-4.0B||-3.4B|
|8:30am||USD||Prelim Nonfarm Productivity q/q||-0.9%||1.8%|
|USD||Prelim Unit Labor Costs q/q||2.3%||-0.1%|
|10:00am||USD||Fed Chair Yellen Testifies|
|10:30am||USD||Crude Oil Inventories||0.9M||1.7M|
|1:01pm||USD||10-y Bond Auction||2.72|2.8|
|3:00pm||USD||Consumer Credit m/m||15.4B||16.5B|
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.