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 Reports for Wednesday, December 28 2011
1. Market Commentary
Also, I mentioned before and I am mentioning again, volume is much lighter recent days. Be aware of the change in “intra-day personalities of the markets” and I recommend taking the approach of “no trade is better than a bad trade”….
We are also light on economic numbers and reports rest of the week as you can see below.
Daily chart of the Dow Jones cash index for your review below. Note the decline in volume over past few days.
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 | 1272.97 | 2323.92 | 12323 | 764.67 |
| Resistance Level 2 | 1268.48 | 2311.33 | 12288 | 757.73 |
| Resistance Level 1 | 1265.37 | 2302.17 | 12266 | 753.67 |
| Pivot Point | 1260.88 | 2289.58 | 12231 | 746.73 |
| Support Level 1 | 1257.77 | 2280.42 | 12209 | 742.67 |
| Support Level 2 | 1253.28 | 2267.83 | 12174 | 735.73 |
| Support Level 3 | 1250.17 | 2258.67 | 12152 | 731.67 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Feb. Gold | Dec. Euro | Jan. Crude Oil | March. Bonds |
| Resistance Level 3 | 1611.0 | 1.3122 | 104.68 | 143 6/32 |
| Resistance Level 2 | 1606.3 | 1.3109 | 103.23 | 142 28/32 |
| Resistance Level 1 | 1600.6 | 1.3097 | 102.28 | 142 21/32 |
| Pivot Point | 1595.9 | 1.3084 | 100.83 | 142 11/32 |
| Support Level 1 | 1590.2 | 1.3072 | 99.88 | 142 4/32 |
| Support Level 2 | 1585.5 | 1.3059 | 98.43 | 141 26/32 |
| Support Level 3 | 1579.8 | 1.3047 | 97.48 | 141 19/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | March Corn | March Wheat | Jan. Beans | March. Silver |
| Resistance Level 3 | 648.9 | 673.0 | 1254.33 | 2966.7 |
| Resistance Level 2 | 642.8 | 660.0 | 1234.67 | 2944.3 |
| Resistance Level 1 | 636.9 | 653.0 | 1221.33 | 2906.2 |
| Pivot Point | 630.8 | 640.0 | 1201.67 | 2883.8 |
| Support Level 1 | 624.9 | 633.0 | 1188.3 | 2845.7 |
| Support Level 2 | 618.8 | 620.0 | 1168.67 | 2823.3 |
| Support Level 3 | 612.9 | 613.0 | 1155.33 | 2785.2 |
5. Economic Reports
German Prelim CPI
All Day
M3 Money Supply
4:00am
Private Loans
4:00am
Unemployment Claims
8:30am
Chicago PMI
9:45am
Pending Home Sales
10:00am
Natural Gas Storage
10:30am
Crude Oil Inventories
11:00am