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 Friday August 26, 2016
Crude Oil Futures Are Reaching a Decision Point
I like the potential of being bullish on crude oil futures for next few weeks! Here are a few ways you can do this:
Crude oil futures have been providing quite a bit of excitement the last few months. Most traders, myself included, like excitement when it comes to trading. It means two things: opportunities and risks.
The recent pullback in crude oil future prices present a buying opportunity, in my opinion.
Looking at the daily chart of crude oil below, you will see that I marked what I feel should be a support level for resumption of the upside move.
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Levels for Trade Date of 8.26.2016
|Contract Sept. 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Sept. Silver||Oct. Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1339.3||18.78||48.76||173 19/32||1.1348|
|Resistance 2||1334.8||18.70||48.11||173 2/32||1.1328|
|Resistance 1||1330.1||18.60||47.72||172 11/32||1.1309|
|Support 1||1320.9||18.42||46.68||171 3/32||1.1271|
|Support 2||1316.4||18.34||46.03||170 18/32||1.1251|
|Support 3||1311.7||18.24||45.64||169 27/32||1.1232|
|Contract||Dec. Corn||Dec. Wheat||Nov. Beans||Dec. SoyMeal||Oct. Nat Gas|
GfK German Consumer Climate
M3 Money Supply y/y
Private Loans y/y
Second Estimate GDP q/q
Prelim Business Investment q/q
Index of Services 3m/3m
Prelim GDP q/q
Goods Trade Balance
Prelim GDP Price Index q/q
Fed Chair Yellen Speaks
Revised UoM Consumer Sentiment
Revised UoM Inflation Expectations
Jackson Hole Symposium