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 Wednesday January 7, 2015
For 2015 I would like to wish all of you discipline and patience in your trading!
I wish you and your family a happy, healthy 2015 and of course a successful trading year in 2015!!
Hello 2015….Volatility and downside pressure are the dominate force to start the new year, however we have seen this before more than a few times in the past only to witness the market rally fast and big within days….The million $$ question,: Is this correction any different or is this a buying opportunity….Must admit I have no clue…..
I think a break below 1978 can trigger a move down to 1909. If the market can hold and stay above 1978 we may see a run back towards 2046.
Regardless of this medium term outlook, the main thing for most of you day traders out there is that volatility is back, the pressure is now even going both ways (long and short), the ranges are wider, the moves are faster and one needs to adjust their day trading accordingly.
Daily chart of the mini SP 500 for your review below:
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|Contract March 2015||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Feb. Gold||Mar.Silver||Feb. Crude Oil||Mar. Bonds||March Euro|
|Resistance 3||1248.7||17.44||52.45||151 1/32||1.2040|
|Resistance 2||1236.0||17.09||51.41||150 4/32||1.2009|
|Resistance 1||1227.0||16.82||49.63||149 10/32||1.1955|
|Support 1||1205.3||16.19||46.81||147 19/32||1.1870|
|Support 2||1192.6||15.84||45.77||146 22/32||1.1839|
|Support 3||1183.6||15.57||43.99||145 28/32||1.1785|
|Contract||March Corn||March Wheat||March Beans||March SoyMeal||March bean Oil|
|WedJan 7||2:00am||EUR||German Retail Sales m/m||0.2%||1.9%|
|3:00am||CHF||Foreign Currency Reserves||462.4B|
|3:55am||EUR||German Unemployment Change||-6K||-14K|
|4:00am||EUR||Italian Monthly Unemployment Rate||13.3%||13.2%|
|7th-9th||GBP||Halifax HPI m/m||0.3%||0.4%|
|5:00am||EUR||CPI Flash Estimate y/y||0.0%||0.3%|
|EUR||Core CPI Flash Estimate y/y||0.6%||0.7%|
|EUR||Italian Prelim CPI m/m||-0.2%||-0.2%|
|8:15am||USD||ADP Non-Farm Employment Change||227K||208K|
|10:30am||USD||Crude Oil Inventories||0.9M||-1.8M|
|2:00pm||USD||FOMC Meeting Minutes|
|6:30pm||USD||FOMC Member Evans Speaks|
|7:30pm||AUD||Building Approvals m/m||-2.7%||11.4%|
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.