Futures Chart Patterns & Economic Reports 6.04.2015
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 Thursday June 4, 2015
Hello Traders,
For 2015 I would like to wish all of you discipline and patience in your trading!
Hello Traders,
Before Your next Trade, learn to recognize charts and patterns!
Learning the different types of charts and patterns will be another arsenal in your Trading Tools!
Ascending Triangle Futures Trading Chart Pattern
What is an Ascending Triangle Futures Chart Pattern?
An ascending triangle is a bullish futures pattern that can indicate a breakout in the upwards direction.
How do I Recognize an Ascending Triangle Futures Chart Pattern?
An ascending triangle is formed when resistance remains flat and support rises.
See the example below:
What Does a Ascending Triangle Chart Pattern Mean?
The price will rise and fall within the triangle until support and resistance converge. At that point, the apex, breakout occurs, usually upwards.
Broadening Top Futures Trading Chart Pattern
What is a Broadening Top Futures Chart Pattern?
A broadening top is a futures chart pattern that can occur on an upwards trend. It is generally classified as a reversal pattern but some traders argue that there is approximately a 50/50 split between whether it tends to move upwards or downwards upon completion of the pattern. For this reason, it can often be avoided by traders. It can be viewed as the opposite of a symmetrical triangle.
How Do I Recognize a Broadening Top Futures Chart Pattern?
A broadening top is comprised of diverging support and resistance lines and resembles a megaphone. The rising resistance line and falling support line continue until the trend reverses.
To download the remaining PDFs on Recognizing Charts and Patterns,click here.
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.
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| Contract June 2015 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2135.25 | 4581.92 | 18332 | 1285.47 | 97.56 |
| Resistance 2 | 2128.00 | 4561.33 | 18248 | 1275.23 | 97.07 |
| Resistance 1 | 2121.25 | 4542.42 | 18166 | 1269.87 | 96.21 |
| Pivot | 2114.00 | 4521.83 | 18082 | 1259.63 | 95.72 |
| Support 1 | 2107.25 | 4502.92 | 18000 | 1254.27 | 94.87 |
| Support 2 | 2100.00 | 4482.33 | 17916 | 1244.03 | 94.38 |
| Support 3 | 2093.25 | 4463.42 | 17834 | 1238.67 | 93.52 |
| Contract | Aug. Gold | July Silver | July Crude Oil | Sept. Bonds | June Euro |
| Resistance 3 | 1211.0 | 17.16 | 63.06 | 154 7/32 | 1.1554 |
| Resistance 2 | 1203.3 | 16.98 | 62.24 | 153 5/32 | 1.1421 |
| Resistance 1 | 1194.5 | 16.74 | 60.97 | 151 14/32 | 1.1347 |
| Pivot | 1186.8 | 16.56 | 60.15 | 150 12/32 | 1.1214 |
| Support 1 | 1178.0 | 16.32 | 58.88 | 148 21/32 | 1.1140 |
| Support 2 | 1170.3 | 16.14 | 58.06 | 147 19/32 | 1.1007 |
| Support 3 | 1161.5 | 15.90 | 56.79 | 145 28/32 | 1.0933 |
| Contract | July Corn | July Wheat | July Beans | July SoyMeal | July Nat Gas |
| Resistance 3 | 366.9 | 525.6 | 956.33 | 310.57 | 2.80 |
| Resistance 2 | 364.8 | 521.9 | 950.92 | 307.63 | 2.76 |
| Resistance 1 | 361.9 | 516.3 | 943.08 | 305.17 | 2.70 |
| Pivot | 359.8 | 512.7 | 937.67 | 302.23 | 2.66 |
| Support 1 | 356.9 | 507.1 | 929.8 | 299.8 | 2.6 |
| Support 2 | 354.8 | 503.4 | 924.42 | 296.83 | 2.56 |
| Support 3 | 351.9 | 497.8 | 916.58 | 294.37 | 2.50 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:09pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuJun 4 | 4:10am | EUR | Retail PMI | 49.5 | |||||
| Tentative | EUR | French 10-y Bond Auction | 0.98|1.7 | ||||||
| 7:30am | USD | Challenger Job Cuts y/y | 52.8% | ||||||
| 8:30am | USD | Unemployment Claims | 280K | 282K | |||||
| USD | Revised Nonfarm Productivity q/q | -2.8% | -1.9% | ||||||
| USD | Revised Unit Labor Costs q/q | 5.8% | 5.0% | ||||||
| 10:30am | USD | Natural Gas Storage | 119B | 112B | |||||
| 12:00pm | USD | FOMC Member Tarullo Speaks |
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.
