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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.

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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 March 19, 2014

Hello Traders,

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

Current front months for active futures markets:

stock indices ( mini SP, NASDAQ, russell etc.)  JUNE

Bonds/ ten years  JUNE

Crude oil  MAY

Natural Gas  APRIL

Grains  MAY

Currencies JUNE

Gold APRIL

Silver MAY

SOFTS ( coffee, Sugar etc.) MAY

Secondly, The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, March. 19th).

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

The following are suggestions on trading during FOMC days:

  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1875.00 with a stop at 1869.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1869.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined

 

If you like the information we share? We would appreciate your positive reviews on our new yelp!!

GOOD TRADING

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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Futures Trading Levels

Contract June 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1894.33 3782.58 16511 1233.07 79.91
Resistance 2 1880.67 3742.42 16407 1217.43 79.79
Resistance 1 1872.83 3720.33 16338 1209.07 79.66
Pivot 1859.17 3680.17 16234 1193.43 79.54
Support 1 1851.33 3658.08 16165 1185.07 79.41
Support 2 1837.67 3617.92 16061 1169.43 79.29
Support 3 1829.83 3595.83 15992 1161.07 79.16
Contract Apr. Gold May Silver May Crude Oil June Bonds  Mar. Euro
Resistance 3 1382.0 2179.3 101.07 134 1.4019
Resistance 2 1375.0 2152.2 100.02 133 20/32 1.3980
Resistance 1 1365.2 2116.8 99.37 133 12/32 1.3955
Pivot 1358.2 2089.7 98.32 133 1.3916
Support 1 1348.4 2054.3 97.67 132 24/32 1.3891
Support 2 1341.4 2027.2 96.62 132 12/32 1.3852
Support 3 1331.6 1991.8 95.97 132  4/32 1.3827
Contract May Corn May Wheat May Beans May SoyMeal May bean Oil
Resistance 3 494.1 710.5 1438.50 471.23 42.83
Resistance 2 490.4 701.5 1428.75 464.07 42.59
Resistance 1 488.3 697.0 1423.50 459.93 42.43
Pivot 484.7 688.0 1413.75 452.77 42.19
Support 1 482.6 683.5 1408.5 448.6 42.0
Support 2 478.9 674.5 1398.75 441.47 41.79
Support 3 476.8 670.0 1393.50 437.33 41.63

 * The levels for stock index below are still calculated based on March contract because of volume. To get the levels for June contracts:

subtract 7 points on the SP, 6 points on the mini NASDAQ, 3 points on the mini Russell and 70 points on the mini Dow for each level.

For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:29pm Currency Impact Detail Actual Forecast Previous Graph
WedMar 19  Tentative EUR German 10-y Bond Auction 1.64|1.1
8:30am USD Current Account -88B -95B
10:30am USD Crude Oil Inventories 6.2M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
2:30pm USD FOMC Press Conference

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

Tags: > Posted in: Future Trading News   | Futures Trading  

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