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Futures Day Trading Tips 5.17.2016

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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 Tuesday May 17, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Voted #1 futures trading blog!

Survivor Day Trading

This article was published by the Stocks, Futures, & Options Magazine in September, 2007 and was written by our VP, Ilan Levy-Mayer. We think this article is timeless and whether you are beginner or advanced trader, you will enjoy it.

Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets.

What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, Day trading is by definition a trade that is initiated and completed during the same trading day. In this wide category, you will find many types of traders. On one end of the spectrum are scalpers, who go for one or two ticks of profit several times a day in trades lasting just seconds. On the other side are speculators who stay in a position from the start of the day until the close. One of the main appeals of day trading for all types is that the trader goes home flat without having to worry about positions. When the market closes, the day is done. Money management, as the name implies, is applying prudent principles to help conserve your trade (risk) capital. Without risk capital to trade, a speculator does not have a chance to succeed.

Preserve Your Trading Capital

Just The liquidity and volume of markets including the E-mini S&P 500, U.S. 30-year bonds and many others are attracting increasing numbers of day traders. The speed of execution, the growth in technology and a continued trend toward lower commissions provides an attractive environment for day trading. Today, traders can take into account mixed markets that are open nearly 24 hours a day and offer low day-trading margins. It’s easy to understand the reason some futures markets are now considered day-trading heavens for many who previously traded stocks, foreign exchange and other instruments.

Please fill out the form below to download the “Survivor Day trading” PDF and read about:

Fear and Greed

Calculating daily profit targets and daily loss limits

Position Size and more…..


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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels 

Contract June 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2109.33 4495.50 18053 1145.27 94.97
Resistance 2 2088.92 4443.75 17879 1131.93 94.82
Resistance 1 2075.83 4409.00 17769 1122.67 94.68
Pivot 2055.42 4357.25 17595 1109.33 94.53
Support 1 2042.33 4322.50 17485 1100.07 94.38
Support 2 2021.92 4270.75 17311 1086.73 94.23
Support 3 2008.83 4236.00 17201 1077.47 94.09
Contract June Gold July Silver June Crude Oil June Bonds June   Euro
Resistance 3 1305.9 17.74 50.33 168 2/32 1.1391
Resistance 2 1298.2 17.59 49.16 167 15/32 1.1371
Resistance 1 1287.1 17.39 48.50 166 19/32 1.1350
Pivot 1279.4 17.23 47.33 166 1.1330
Support 1 1268.3 17.03 46.67 165 4/32 1.1309
Support 2 1260.6 16.88 45.50 164 17/32 1.1289
Support 3 1249.5 16.68 44.84 163 21/32 1.1268
Contract July Corn July Wheat July Beans July SoyMeal June Nat Gas
Resistance 3 403.8 486.1 1082.58 371.20 2.13
Resistance 2 399.0 480.9 1075.17 367.80 2.11
Resistance 1 396.5 477.8 1069.83 364.50 2.07
Pivot 391.8 472.7 1062.42 361.10 2.05
Support 1 389.3 469.6 1057.1 357.8 2.0
Support 2 384.5 464.4 1049.67 354.40 1.98
Support 3 382.0 461.3 1044.33 351.10 1.94

Economic Reports


All times are Eastern time Zone (EST)

Date 4:03pm Currency Impact Detail Actual Forecast Previous Graph
TueMay 17  4:00am EUR
Italian Trade Balance
4.21B 3.86B
4:30am GBP
CPI y/y
0.5% 0.5%
PPI Input m/m
1.1% 2.0%
RPI y/y
1.6% 1.6%
Core CPI y/y
1.5% 1.5%
HPI y/y
7.9% 7.6%
PPI Output m/m
0.2% 0.3%
5:00am EUR
Trade Balance
23.1B 20.2B
6:00am EUR
German Buba Monthly Report
8:30am USD
Building Permits
1.13M 1.09M
CPI m/m
0.4% 0.1%
Core CPI m/m
0.2% 0.1%
Housing Starts
1.12M 1.09M
9:15am USD
Capacity Utilization Rate
75.1% 74.8%
Industrial Production m/m
0.3% -0.6%

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 judgement in trading.

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