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 June 11, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
Once again we are witnessing lower volume, lower volatility as stock indices are hanging around their all time highs….
I know that for me personally, this type of environment would be hard to day trade, hence the reason I am sharing with you a piece I wrote before about other markets to consider for day trading:
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 $13 or = $1300 wide using one futures contract. Crude ranges today was than $1.08 or about $1080 between hi/lo.
I like using overbought/ oversold indicators on the two markets as well as using range / Renko charts.
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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||August Gold||July Silver||July Crude Oil||September Bonds||June Euro|
|Resistance 3||1280.0||1958.5||106.16||136 10/32||1.3655|
|Resistance 1||1266.3||1931.0||105.08||135 12/32||1.3587|
|Support 1||1252.6||1903.5||104.00||134 14/32||1.3519|
|Support 2||1244.5||1886.5||103.45||134 4/32||1.3492|
|Support 3||1238.9||1876.0||102.92||133 16/32||1.3451|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July bean Oil|
|WedJun 11||All Day||ALL||OPEC Meetings|
|10:30am||USD||Crude Oil Inventories||-1.3M||-3.4M|
|1:01pm||USD||10-y Bond Auction||2.61|2.6|
|2:00pm||USD||Federal Budget Balance||-132.8B||106.9B|
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.