Day Trading Psychology, Levels & Economic Reports 10.31.2014

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Day Trading Psychology, Levels & Economic Reports 10.31.2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

Hello Traders,


I read the following from:

and thought it was worth sharing. I think that if you know which category you fall into, it may actually help you deal with this “non human brain friendly thing called trading”……



People with Compulsive brains tend to get stuck in a particular thought or view of the market. Whether bullish or bearish, right or wrong, the main thing is that their minds are closed.

People with compulsive brains often don’t use stops (because they “know” what’s going to happen). They can have some amazing winners, but they will hold a losing position much longer than necessary because they are not open to the feedback the market is giving. These folks demonstrate the same closed-mindedness in daily life and tend to have very strict, by-the-book ways of doing things.


People with Impulsive brain function are the exact opposite. They tend to stop themselves out all the time and over-use the reverse button. They over-trade. Like a fish spotting a shiny lure, they can’t resist getting involved in a moving market.

In other words, they lack impulse control. This will show up not only in trading, but in conversation, driving, eating and other aspects of daily life.


The third type of brain function found among traders is the Anxious Brain. These folks live with a non-specific sense of impending doom. They see the glass of life as half empty.

When they take risks in trading, they are skeptical and have a heightened sense of the obstacles in their way to success. For example, if they are long, they over-focus on resistance.


The fourth type is the Depressed Brain. These people tend to feel victimized by the market. They have a ‘Rodney Dangerfield’ mentality, believing that they never get a break or a fair shake.

They blame the Fed, the robots, the news, company management, or whatever for their investing and trading troubles. This type of thinking rationalizes and justifies their pre-existing negative mood. They don’t see their part in a self-fulfilling prophecy of disappointment.


The fifth type is a combination of Compulsive and Impulsive. These folks tend to be compulsively impulsive, which usually means that they have an addictive relationship to the market and to trading.

They over-trade because they are trading-to-trade, like a mouse pressing a lever to generate pleasure signals in their brains.



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. Past performance is not indicative to future results.


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Futures Trading Levels

Contract Dec. 2014 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2037.08 4173.67 17555 1190.43 87.03
Resistance 2 2015.67 4138.08 17353 1174.37 86.81
Resistance 1 2002.08 4114.17 17234 1163.73 86.52
Pivot 1980.67 4078.58 17032 1147.67 86.30
Support 1 1967.08 4054.67 16913 1137.03 86.01
Support 2 1945.67 4019.08 16711 1120.97 85.79
Support 3 1932.08 3995.17 16592 1110.33 85.50
Contract December Gold Dec.Silver Dec. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1232.4 17.89 83.16 142 20/32 1.2750
Resistance 2 1224.4 17.55 82.62 142 12/32 1.2696
Resistance 1 1211.4 17.01 81.79 141 29/32 1.2655
Pivot 1203.4 16.67 81.25 141 21/32 1.2601
Support 1 1190.4 16.14 80.42 141 6/32 1.2560
Support 2 1182.4 15.80 79.88 140 30/32 1.2506
Support 3 1169.4 15.26 79.05 140 15/32 1.2465
Contract Dec Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 383.3 537.1 1048.50 428.83 35.07
Resistance 2 380.5 536.7 1044.75 418.67 34.74
Resistance 1 377.3 536.3 1037.25 399.33 34.52
Pivot 374.5 535.9 1033.50 389.17 34.19
Support 1 371.3 535.6 1026.0 369.8 34.0
Support 2 368.5 535.2 1022.25 359.67 33.64
Support 3 365.3 534.8 1014.75 340.33 33.42
Economic Reports


All times are Eastern time Zone (EST)


Date 3:58pm Currency Impact Detail Actual Forecast Previous Graph
FriOct 31  3:00am EUR German Retail Sales m/m -0.8% 2.5%
3:45am EUR French Consumer Spending m/m -0.3% 0.7%
5:00am EUR Italian Monthly Unemployment Rate 12.4% 12.3%
6:00am EUR CPI Flash Estimate y/y 0.4% 0.3%
EUR Core CPI Flash Estimate y/y 0.8% 0.8%
EUR Unemployment Rate 11.5% 11.5%
EUR Italian Prelim CPI m/m -0.1% -0.3%
8:30am USD Core PCE Price Index m/m 0.1% 0.1%
USD Employment Cost Index q/q 0.6% 0.7%
USD Personal Spending m/m 0.2% 0.5%
USD Personal Income m/m 0.3% 0.3%
9:45am USD Chicago PMI 60.2 60.5
9:55am USD Revised UoM Consumer Sentiment 86.4 86.4
USD Revised UoM Inflation Expectations 2.8%


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.

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