Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Thursday December 18, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
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And the volatility continues…..between FOMC, craziness in crude many of the commodity markets experienced some extreme volatility these past few weeks….
Be careful. These are different market conditions and high volatility may require you to adjust your stops based on volatility, may require you to adjust your entry techniques and in general will require you to do some home work, look at previous periods of similar volatility and adjust your trading accordingly.
This may be a “stupid example” but will serve the purpose:
If 2 months ago you were trading the mini SP and 3 point stop was sufficient for your method and entries, I can almost say with 99% confidence that it will not work during this period of volatility as the market can move 3 points in 15 seconds and take you out very quickly just to go back to where you thought it would.
Do your homework. Trading is NOT easy to say the least and markets evolve and change all the time. Markets also go from periods of lower volatility to higher volatility etc.
If I can be of help – let me know and best of trading to everyone.
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.
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|Contract March 2014||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Feb. Gold||Mar.Silver||Jan. Crude Oil||Mar. Bonds||March Euro|
|Resistance 3||1221.2||16.45||63.27||147 15/32||1.2667|
|Resistance 2||1212.2||16.26||61.13||146 25/32||1.2595|
|Resistance 1||1200.1||16.01||58.50||145 31/32||1.2472|
|Support 1||1179.0||15.56||53.73||144 15/32||1.2277|
|Support 2||1170.0||15.37||51.59||143 25/32||1.2205|
|Support 3||1157.9||15.12||48.96||142 31/32||1.2082|
|Contract||March Corn||March Wheat||Jan. Beans||Jan. SoyMeal||Jan. bean Oil|
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.