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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.

Hello Traders,

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

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, July 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 1965.00 with a stop at 1959.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1959.75 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.  Past performance is not indicative to future results.

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Futures Trading Levels

Contract Sept. 2014 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1990.17 3999.17 17088 1162.07 81.66
Resistance 2 1984.83 3988.33 17041 1154.13 81.50
Resistance 1 1975.17 3971.17 16950 1146.17 81.41
Pivot 1969.83 3960.33 16903 1138.23 81.25
Support 1 1960.17 3943.17 16812 1130.27 81.15
Support 2 1954.83 3932.33 16765 1122.33 80.99
Support 3 1945.17 3915.17 16674 1114.37 80.90
Contract August Gold Sept.Silver Sept. Crude Oil September Bonds Sept. Euro
Resistance 3 1326.2 2116.2 103.16 139 26/32 1.3477
Resistance 2 1319.2 2100.3 102.49 139 14/32 1.3462
Resistance 1 1309.6 2082.2 101.70 139 6/32 1.3436
Pivot 1302.6 2066.3 101.03 138 26/32 1.3421
Support 1 1293.0 2048.2 100.24 138 18/32 1.3395
Support 2 1286.0 2032.3 99.57 138 6/32 1.3380
Support 3 1276.4 2014.2 98.78 137 30/32 1.3354
Contract Dec Corn Sept. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 379.8 537.2 1107.00 368.27 36.79
Resistance 2 377.0 533.3 1102.50 364.23 36.70
Resistance 1 374.0 526.7 1098.75 359.27 36.61
Pivot 371.3 522.8 1094.25 355.23 36.52
Support 1 368.3 516.2 1090.5 350.3 36.4
Support 2 365.5 512.3 1086.00 346.23 36.34
Support 3 362.5 505.7 1082.25 341.27 36.25
Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:07pm Currency Impact Detail Actual Forecast Previous Graph
WedJul 30 2:00am CHF UBS Consumption Indicator 1.77
All Day EUR German Prelim CPI m/m 0.2% 0.3%
3:00am CHF KOF Economic Barometer 101.1 100.4
EUR Spanish Flash CPI y/y 0.2% 0.1%
EUR Spanish Flash GDP q/q 0.5% 0.4%
Tentative EUR Italian 10-y Bond Auction 2.81|1.4
8:15am USD ADP Non-Farm Employment Change 234K 281K
8:30am CAD RMPI m/m 0.6% -0.4%
CAD IPPI m/m 0.3% -0.5%
USD Advance GDP q/q 3.1% -2.9%
USD Advance GDP Price Index q/q 1.8% 1.3%
10:30am USD Crude Oil Inventories -0.5M -4.0M
2:00pm USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
7:05pm GBP GfK Consumer Confidence 2 1
9:30pm AUD Building Approvals m/m 0.2% 9.9%
AUD Import Prices q/q -1.4% 3.2%
AUD Private Sector Credit m/m 0.4% 0.4%
JPY Average Cash Earnings y/y 0.7% 0.6%

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.


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