FOMC Day Aftermath: Volatility in the Markets | Support and Resistance Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart
4. Economic Reports
5. Earnings Releases
1. Market Commentary
Note to our clients who are trading with TransactAT:
The latest version is now TransactAT 5.2.2 (download). The newer version can be installed over the older version. Please contact you broker if you need any help.
FOMC came like a hurricane as the market sold off sharply after the announcement with some heavy volume.
Last couple of days I shared my mini Russell 2000 chart along with the potential sell at 693 and target at 673. This trade idea is completed.
Below you will see my mini SP chart with potential levels both below and above as my guess is we will see volatility going both directions.
ALWAYS EXPECT THE UNEXPECTED! When volatility skyrockets like now, moves become extreme, the speed of the market really picks up and this is when one must adjust their trading size lower to accommodate for the wilder and wider moves.
GOOD TRADING!
2. SUPPORT AND RESISTANCE LEVELS!
| Contract (Sept. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1230.67 | 2369.67 | 11679 | 716.40 |
| Resistance 2 | 1215.43 | 2343.83 | 11542 | 704.10 |
| Resistance 1 | 1185.97 | 2295.92 | 11275 | 681.80 |
| Pivot | 1170.73 | 2270.08 | 11138 | 669.50 |
| Support 1 | 1141.27 | 2222.17 | 10871 | 647.20 |
| Support 2 | 1126.03 | 2196.33 | 10734 | 634.90 |
| Support 3 | 1096.57 | 2148.42 | 10467 | 612.60 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1832.0 | 1.3950 | 90.08 | 146 |
| Resistance 2 | 1823.0 | 1.3870 | 89.04 | 144 21/32 |
| Resistance 1 | 1804.1 | 1.3719 | 87.01 | 143 30/32 |
| Pivot | 1795.1 | 1.3639 | 85.97 | 142 19/32 |
| Support 1 | 1776.2 | 1.3488 | 83.94 | 141 28/32 |
| Support 2 | 1767.2 | 1.3408 | 82.90 | 140 17/32 |
| Support 3 | 1748.3 | 1.3257 | 80.87 | 139 26/32 |
3. Daily Mini S&P 500 Futures Chart from September 21, 2011
Would you like to have access to my DIAMOND ALGO as shown above and be able to apply for any market and any time frame?
If so, please send me an email with the following information:
- Are you currently trading futures?
- Charting software you use?
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- Markets you currently trade.
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.
4. Economic Reports for Thursday September 22, 2011
Unemployment Claims
8:30am USD
CB Leading Index m/m
10:00am USD
OFHEO HPI m/m
10:00am USD
Natural Gas Storage
10:30am USD
Economics Report Source: http://www.forexfactory.com/calendar.php
5. Earnings Releases
| SYMBOL | COMPANY | EVENT TITLE | EPS ESTIMATE | EPS ACTUAL | PREV. YEAR ACTUAL | DATE/TIME (ET) |
| BBBY | Bed Bath & Beyond Inc | Q2 2011 Bed Bath & Beyond Inc. Earnings Release | $ 0.84 | n/a | $ 0.70 | 21-Sep AMC |
| GIS | General Mills Inc | Q1 2012 General Mills Inc Earnings Release | $ 0.62 | n/a | $ 0.64 | 21-Sep BMO |
| RHT | Red Hat Inc | Q2 2012 Red Hat Inc Earnings Release | $ 0.25 | n/a | $ 0.19 | 21-Sep |
| FUL | HB Fuller Co | Q3 2011 HB Fuller Co Earnings Release | $ 0.47 | n/a | $ 0.38 | 21-Sep AMC |
| IHS | IHS Inc | Q3 2011 IHS Inc Earnings Release | $ 0.81 | n/a | $ 0.76 | 21-Sep BMO |
| MB.MI | Mediobanca Banca Di Credito Finanziario SpA | Full Year 2010/2011 Mediobanca Banca Di Credito Finanziario SpA Earnings Release | n/a | n/a | n/a | 21-S |
