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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.

Jump to a section in this post:
1. FOMC Statement Reminder
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Daily Mini S&P Chart
5. Economic Reports for Wednesday November 2, 2011


1. FOMC Statement Tomorrow!

If the first day of November is an indication of what to come….then hang on as it may be a wild ride…..

FOMC tomorrow and before that more than a few economic numbers.

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.

HEADS UP – NORMALLY FOMC COMES OUT AT 2:15 EASTERN TIME. TOMORROW IT WILL BE OUT 12:30 EASTERN TIME

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.


2. Support & Resistance Levels for the S&P 500, NASDAQ, DJIA, and Russell 2000

Contract (Dec. 2011) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance Level 3 1246.83 2355.67 12175 765.27
Resistance Level 2 1238.02 2336.33 12046 751.73
Resistance Level 1 1227.63 2320.67 11828 733.27
Pivot Point 1218.82 2301.33 11699 719.73
Support Level 1 1208.43 2285.67 11481 701.27
Support Level 2 1199.62 2266.33 11352 687.73
Support Level 3 1189.23 2250.67 11134 669.27

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract Dec. Gold Dec. Euro Nov. Crude Oil Dec. Bonds
Resistance Level 3 1762.2 1.4103 96.79 144 20/32
Resistance Level 2 1738.0 1.3985 94.83 143 22/32
Resistance Level 1 1729.5 1.3841 93.08 143 4/32
Pivot Point 1705.3 1.3723 91.12 142 6/32
Support Level 1 1696.8 1.3579 89.37 141 20/32
Support Level 2 1672.6 1.3461 87.41 140 22/32
Support Level 3 1664.1 1.3317 85.66 140 4/32


4. Daily Mini S&P 500 Futures Chart

(Go to E-Mini S&P 500 Futures Prices, News and Contract Specifications →)

S&P Chart November 3rd 2011


5. Economic Reports for Wednesday November 2, 2011

German Unemployment Change
4:55am

Final Manufacturing PMI
5:00am

Challenger Jobs Cuts y/y
7:30am

ADP Non-Farm Employment Change
8:15am

Crude Oil Inventories
10:30am

FOMC Statement
12:30pm

Federal Funds Rate
12:30pm

FOMC Press Conference
2:15pm

Tags: > Posted in: Future Trading News  

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