FOMC + Trading Levels and Economic Reports for May 1, 2013

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.

FOMC + Trading Levels and Economic Reports for May 1, 2013

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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 May 1, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

The next 3 days can experience quite a bit of volatility in variety of markets.
We have ADP employment report tomorrow VERY early. Midday we will have FOMC. Thursday will start with rate decision over the EU and Friday is the monthly non farm payroll report. All these reports are market moving and will affect stock index futures, financials, metals, energies and other markets.

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, May 1st ).


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.


Futures Trading Levels

Contract June 2013 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1609.08 2922.33 14933 960.87 82.92
Resistance 2 1601.17 2902.67 14859 953.63 82.64
Resistance 1 1597.08 2892.58 14820 949.87 82.20
Pivot 1589.17 2872.92 14746 942.63 81.92
Support 1 1585.08 2862.83 14707 938.87 81.49
Support 2 1577.17 2843.17 14633 931.63 81.21
Support 3 1573.08 2833.08 14594 927.87 80.77
Contract June Gold July Silver June Crude Oil June Bonds June Euro
Resistance 3 1502.8 2507.3 95.83 149 28/32 1.3357
Resistance 2 1491.1 2481.2 95.23 149 16/32 1.3274
Resistance 1 1483.8 2453.8 94.14 149 1.3223
Pivot 1472.1 2427.7 93.54 148 20/32 1.3140
Support 1 1464.8 2400.3 92.45 148 4/32 1.3089
Support 2 1453.1 2374.2 91.85 147 24/32 1.3006
Support 3 1445.8 2346.8 90.76 147 8/32 1.2955
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 669.3 750.3 1428.33 430.03 49.90
Resistance 2 664.7 740.7 1421.67 426.37 49.67
Resistance 1 657.3 735.8 1410.33 420.43 49.45
Pivot 652.7 726.2 1403.67 416.77 49.22
Support 1 645.3 721.3 1392.3 410.8 49.0
Support 2 640.7 711.7 1385.67 407.17 48.77
Support 3 633.3 706.8 1374.33 401.23 48.55
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:12pm Currency Impact Detail Actual Forecast Previous Graph
WedMay 1 All Day EUR French Bank Holiday
All Day EUR German Bank Holiday
All Day EUR Italian Bank Holiday
 8:15am USD ADP Non-Farm Employment Change 154K 158K
9:00am USD Final Manufacturing PMI 52.1 52.0
10:00am USD ISM Manufacturing PMI 51.0 51.3
USD Construction Spending m/m 0.7% 1.2%
USD ISM Manufacturing Prices 52.6 54.5
10:30am USD Crude Oil Inventories 1.2M 0.9M
All Day USD Total Vehicle Sales 15.2M 15.3M
2:00pm USD FOMC Statement
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

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