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. Daily Gold Market Chart
5. Economic Reports for Thursday November 10, 2011
1. Market Commentary
First it was Greece, now Italy who helped send the market sharply lower.
Outlook for stock indices does not look good from technical standpoint but in today’s blog I actually wanted to share the daily chart for the gold market. (see below)
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (Dec. 2011) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance Level 3 | 1269.33 | 2394.67 | 12138 | 778.13 |
| Resistance Level 2 | 1259.17 | 2373.33 | 12037 | 765.67 |
| Resistance Level 1 | 1243.83 | 2344.67 | 11898 | 741.63 |
| Pivot Point | 1233.67 | 2323.33 | 11797 | 729.17 |
| Support Level 1 | 1218.33 | 2294.67 | 11658 | 705.13 |
| Support Level 2 | 1208.17 | 2273.33 | 11557 | 692.67 |
| Support Level 3 | 1192.83 | 2244.67 | 11418 | 668.63 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
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4. Daily Gold Market ChartYesterday afternoon, I got a sell signal , which I share with interested clients and prospects with target of 1731.00 and protective stop of 1806.00The entry price is short at 1790.00
As you can see the signal is based on my DIAMOND ALGO.If you like to be included and get emails with different trade ideas/ trade alerts please email me with your name if you are a client of Cannon Trading Co, Inc.If you are not a client and like to receive trade ideas, please email me and share with me the following:1. Markets you like to trade?
2. How long have you been trading futures?
3. If you trade futures, what platform you use for trading?
4. Any other information you like to share.
5. Economic Reports for Thursday, November 11, 2011French CPI m/m
1:30amGerman Final CPI m/m
2:00amGerman WPI m/m
2:00amFrench Industrial Production m/m
2:45amECB Monthly Bulletin
4:00amTrade Balance
8:30amUnemployment Claims
8:30amImport Prices m/m
8:30amNatural Gas Storage
10:30amFOMC Member Evans Speaks
10:40amFed Chairman Bernanke Speaks
11:45amFOMC Member Yellen Speaks
1:15pmFederal Budge Balacne
2:00pm
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance Level 3 | 1806.4 | 1.4101 | 101.03 | 144 23/32 |
| Resistance Level 2 | 1803.8 | 1.3979 | 99.43 | 143 29/32 |
| Resistance Level 1 | 1787.1 | 1.3765 | 97.73 | 143 6/32 |
| Pivot Point | 1784.5 | 1.3643 | 96.13 | 142 12/32 |
| Support Level 1 | 1767.8 | 1.3429 | 94.43 | 141 21/32 |
| Support Level 2 | 1765.2 | 1.3307 | 92.83 | 140 27/32 |
| Support Level 3 | 1748.5 | 1.3093 | 91.13 | 140 4/32 |