In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart from September 30, 2011
4. Economic Reports
1. Market Commentary
For October I would like to wish everyone a month full of trading patience, of wise money management, of disciplined trading and “picky” trades.
If you will be able to control yourself and implement what I mentioned above, it should be a successful trading month!
From technical point of view, the market is bearish but not sure if this matters to most of you, since the majority are day-traders by nature, which brings me to another point….
If you are a day-trader who uses very short time frame and quick profits as a trading method, then your risk parameters should be adjusted accordingly. In simple language if you are looking to make 2 points mini SP profit, why risk 10 or more points? Losses are part of trading and I don’t know ANYONE who wins 100% of the time, that means that as a trader you must learn to accept losses and use “makes-sense” money management.
Daily chart of the mini SP 500 for your review below:
GOOD TRADING!
2. SUPPORT AND RESISTANCE LEVELS!
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1166.83 | 2246.83 | 11339 | 680.27 |
| Resistance 2 | 1157.67 | 2222.67 | 11233 | 671.53 |
| Resistance 1 | 1141.33 | 2178.08 | 11031 | 655.57 |
| Pivot | 1132.17 | 2153.92 | 10925 | 646.83 |
| Support 1 | 1115.83 | 2109.33 | 10723 | 630.87 |
| Support 2 | 1106.67 | 2085.17 | 10617 | 622.13 |
| Support 3 | 1090.33 | 2040.58 | 10415 | 606.17 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | – | 1.3733 | 86.33 | 144 19/32 |
| Resistance 2 | – | 1.3665 | 84.78 | 143 29/32 |
| Resistance 1 | – | 1.3527 | 81.77 | 143 14/32 |
| Pivot | – | 1.3459 | 80.22 | 142 24/32 |
| Support 1 | – | 1.3321 | 77.21 | 142 9/32 |
| Support 2 | – | 1.3253 | 75.66 | 141 19/32 |
| Support 3 | – | 1.3115 | 72.65 | 141 4/32 |
3. Daily Mini S&P 500 Futures Chart from September 30, 2011
4. Economic Reports for Monday October 3, 2011
ISM Manufacturing PMI
10:00am
Construction Spending m/m
10:00am
ISM Manufacturing Prices
10:00am
Total Vehicle Sales
All Day
Economics Report Source: http://www.forexfactory.com/calendar.php