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 – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for February 28, 2012
Hello Traders,
While our stock indices markets ( SP, Dow, NASDAQ and Russell ) been trading in very narrow range ( today was a small exception), the crude oil market continues to show the double edge volatility day-traders are looking for.
Below is a daily chart of April Crude oil futures.
PS: Stock index futures have shown in the past tendency to go through periods of low volatility and then change to periods of high volatility. The VIX index is a good indicator, which i will try to share more about tomorrow but my point is, be ready for shift in volatility and wider ranges on stock indices….as always, the question is when.
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 | 1372.67 | 2623.92 | 13058 | 837.67 |
| Resistance Level 2 | 1369.98 | 2617.83 | 13027 | 834.83 |
| Resistance Level 1 | 1366.87 | 2611.17 | 12998 | 830.27 |
| Pivot Point | 1364.18 | 2605.08 | 12967 | 827.43 |
| Support Level 1 | 1361.07 | 2598.42 | 12938 | 822.87 |
| Support Level 2 | 1358.38 | 2592.33 | 12907 | 820.03 |
| Support Level 3 | 1355.27 | 2585.67 | 12878 | 815.47 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | April. Gold | March Euro | Feb. Crude Oil | March. Bonds |
| Resistance Level 3 | 1795.6 | 1.3643 | 112.46 | 144 7/32 |
| Resistance Level 2 | 1790.0 | 1.3565 | 111.20 | 143 21/32 |
| Resistance Level 1 | 1782.5 | 1.3513 | 110.46 | 143 11/32 |
| Pivot Point | 1776.9 | 1.3435 | 109.20 | 142 25/32 |
| Support Level 1 | 1769.4 | 1.3383 | 108.46 | 142 15/32 |
| Support Level 2 | 1763.8 | 1.3305 | 107.20 | 141 29/32 |
| Support Level 3 | 1756.3 | 1.3253 | 106.46 | 141 19/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | March Corn | March Wheat | March Beans | March. Silver |
| Resistance Level 3 | 653.3 | 643.3 | 1294.50 | 3620.3 |
| Resistance Level 2 | 648.7 | 642.9 | 1292.25 | 3596.2 |
| Resistance Level 1 | 646.3 | 642.1 | 1289.50 | 3567.3 |
| Pivot Point | 641.7 | 641.7 | 1287.25 | 3543.2 |
| Support Level 1 | 639.3 | 640.8 | 1284.5 | 3514.3 |
| Support Level 2 | 634.7 | 640.4 | 1282.25 | 3490.2 |
| Support Level 3 | 632.3 | 639.6 | 1279.50 | 3461.3 |
5. Economic Reports
8:30am USD
Core Durable Goods Orders m/m
8:30am USD
Durable Goods Orders m/m
9:00am USD
S&P/CS Composite-20 HPI y/y
10:00am USD
CB Consumer Confidence
10:00am USD
FOMC Member Duke Speaks
10:00am USD
Richmond Manufacturing Index
7:15pm USD
FOMC Member Pianalto Speak