Futures Day Trading Money and Trade Management & Economic Reports 5.07.2014 - Support & Resistance Levels

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.

Futures Day Trading Money and Trade Management & Economic Reports 5.07.2014

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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 May 8, 2014

Hello Traders,

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



A few words on why I think discretionary, day traders should limit the number of hours they spend in front of the screen….

The longer you trade, the more chances you give the market to frustrate you, tire you and get you to a point where you can make mental mistakes that will cost you quite a bit….

My recommendation is to work your trading hours into your life style and not vice versa unless you are a professional trader that actually makes a living from trading….

Few ways one can try to preserve their “trading career”, almost like an athlete who should not play the full game, every game as he/ she increases wear and tear, risk of injury etc….


Place a time limit.

Set a daily profit target

Set a daily loss limit

Learn what reports or possibly times of the day are not as friendly to the market you are trading. It can be because of light volume, perhaps around certain trading reports etc.


Learn to step away and take a break, ESPECIALLY when things are not going the way you would like them to.


Have patience and discipline!




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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.

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Futures Trading Levels

Contract June 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1900.00 3642.33 16695 1136.07 79.49
Resistance 2 1887.00 3604.42 16584 1123.03 79.39
Resistance 1 1880.50 3573.33 16527 1114.57 79.33
Pivot 1867.50 3535.42 16416 1101.53 79.23
Support 1 1861.00 3504.33 16359 1093.07 79.16
Support 2 1848.00 3466.42 16248 1080.03 79.06
Support 3 1841.50 3435.33 16191 1071.57 79.00
Contract June Gold July Silver June Crude Oil June Bonds  June Euro
Resistance 3 1336.1 2010.3 102.42 136 31/32 1.3957
Resistance 2 1325.5 1993.7 101.70 136 21/32 1.3948
Resistance 1 1307.7 1962.8 101.21 136 10/32 1.3929
Pivot 1297.1 1946.2 100.49 136 1.3920
Support 1 1279.3 1915.3 100.00 135 21/32 1.3901
Support 2 1268.7 1898.7 99.28 135 11/32 1.3892
Support 3 1250.9 1867.8 98.79 135 1.3873
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 525.0 741.2 1463.50 485.03 41.05
Resistance 2 521.5 740.1 1458.75 481.77 40.98
Resistance 1 517.8 738.9 1452.50 478.33 40.90
Pivot 514.3 737.8 1447.75 475.07 40.83
Support 1 510.5 736.7 1441.5 471.6 40.8
Support 2 507.0 735.6 1436.75 468.37 40.68
Support 3 503.3 734.4 1430.50 464.93 40.60
5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:17pm Currency Impact Detail Actual Forecast Previous Graph
ThuMay 8 All Day EUR French Bank Holiday
 2:00am EUR German Industrial Production m/m 0.2% 0.4%
7:45am EUR Minimum Bid Rate 0.25% 0.25%
8:30am EUR ECB Press Conference
USD Unemployment Claims 328K 344K
9:30am USD Fed Chair Yellen Testifies
USD FOMC Member Tarullo Speaks
10:30am USD Natural Gas Storage 82B
1:01pm USD 30-y Bond Auction 3.53|2.5

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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