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 October 30, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
First a quick heads up: A colleague of mine whom I respect his technical forecasts is holding a webinar tomorrow:
Is this rally in Gold for real? Find out for yourself. Wednesday morning October 30th at 11 AM EDT when Rick Ackerman of Rick’s Picks offers timely technical forecasts and trading tips for some of the most popular bullion vehicles, including Comex futures, GOLD, Silver Wheaton and Newmont Mining Register now for this one-time presentation, which will conclude with a Q&A session devoted to your favorite trading vehicle.
Secondly, The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, Oct. 30th).
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 1525.00 with a stop at 1519.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1519.75 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
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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 Dec. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Dec. Silver||Dec. Crude Oil||Dec. Bonds||Dec. Euro|
|Resistance 3||1377.3||2299.7||99.35||136 4/32||1.3870|
|Resistance 2||1368.9||2281.3||98.96||135 24/32||1.3843|
|Resistance 1||1356.7||2266.7||98.60||135 17/32||1.3793|
|Support 1||1336.1||2233.7||97.85||134 30/32||1.3716|
|Support 2||1327.7||2215.3||97.46||134 18/32||1.3689|
|Support 3||1315.5||2200.7||97.10||134 11/32||1.3639|
|Contract||Dec Corn||Dec. Wheat||Jan .Beans||Dec. SoyMeal||Dec. bean Oil|
|WedOct 30||All Day||EUR||German Prelim CPI m/m||0.0%||0.0%|
|4:00am||EUR||Spanish Flash GDP q/q||0.1%||-0.1%|
|4:55am||EUR||German Unemployment Change||1K||25K|
|Tentative||EUR||Italian 10-y Bond Auction||4.50|1.4|
|Tentative||EUR||German 10-y Bond Auction||1.79|1.3|
|8:15am||USD||ADP Non-Farm Employment Change||151K||166K|
|8:30am||USD||Core CPI m/m||0.2%||0.1%|
|10:30am||USD||Crude Oil Inventories||1.9M||5.2M|
|USD||Federal Funds Rate||<0.25%||<0.25%|
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 herein 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.