FOMC Meeting Tomorrow April 25 2012 | Support and Resistance Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday April 25, 2012
Hello Traders,
Be ready for the un expected.
FOMC meeting tomorrow. Statement will be released around 12:30 PM EST
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.
My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. However, with tomorrow early morning reports and recent volatility, we may see wild action through out.
One advice everyone can benefit from is, reduce your trading size in proportion to the increase in volatility. This should help your comfort level while in the day-trade.
Hourly chart of mini NASDAQ 100 for your review below:
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.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (June 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance 3 | 1380.67 | 2684.67 | 13090 | 812.07 |
| Resistance 2 | 1375.93 | 2669.83 | 13041 | 805.13 |
| Resistance 1 | 1372.47 | 2654.67 | 12993 | 800.97 |
| Pivot | 1367.73 | 2639.83 | 12944 | 794.03 |
| Support 1 | 1364.27 | 2624.67 | 12896 | 789.87 |
| Support 2 | 1359.53 | 2609.83 | 12847 | 782.93 |
| Support 3 | 1356.07 | 2594.67 | 12799 | 778.77 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | May Crude Oil | June Bonds |
| Resistance 3 | 1665.0 | 1.3300 | 105.45 | 143 3/32 |
| Resistance 2 | 1657.6 | 1.3261 | 104.77 | 142 29/32 |
| Resistance 1 | 1649.5 | 1.3226 | 104.14 | 142 16/32 |
| Pivot | 1642.1 | 1.3187 | 103.46 | 142 10/32 |
| Support 1 | 1634.0 | 1.3152 | 102.83 | 141 29/32 |
| Support 2 | 1626.6 | 1.3113 | 102.15 | 141 23/32 |
| Support 3 | 1618.5 | 1.3078 | 101.52 | 141 10/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | May Corn | May Wheat | May Beans | May Silver |
| Resistance 3 | 634.9 | 651.9 | 1493.33 | 3153.0 |
| Resistance 2 | 628.3 | 647.8 | 1481.67 | 3132.0 |
| Resistance 1 | 618.2 | 640.2 | 1473.33 | 3105.5 |
| Pivot | 611.6 | 636.1 | 1461.67 | 3084.5 |
| Support 1 | 601.4 | 628.4 | 1453.3 | 3058.0 |
| Support 2 | 594.8 | 624.3 | 1441.67 | 3037.0 |
| Support 3 | 584.7 | 616.7 | 1433.33 | 3010.5 |
5. Economic Reports
All Day EUR
Italian Bank Holiday
3:00am EUR
ECB President Draghi Speaks
Tentative EUR
German 30-y Bond Auction
8:30am USD
Core Durable Goods Orders m/m
8:30am USD
Durable Goods Orders m/m
10:30am USD
Crude Oil Inventories
12:30pm USD
FOMC Statement
12:30pm USD
Federal Funds Rate
2:00pm USD
FOMC Economic Projections
2:15pm USD
FOMC Press Conference
5:15pm USD
Treasury Sec Geithner Speaks
