Futures Levels and Economic Reports for 5.30.2014

Futures Levels and Economic Reports for 5.30.2014

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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 Friday May 30, 2014

Hello Traders,

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

 

US Bonds front month as of tomorrow is SEPTEMBER~  ZB U4.

FRONT month for gold  is AUGUST GC Q4 or GGC Q4.

Indices and Currencies are still trading the June contract.

Excellent and interesting resource for those of you who step out of the day-trading world, courtesy of www.MRCI.com :

 

http://www.mrci.com/special/correl.htm

Of course, one would expect gold and silver futures to move in tandem, to correlate closely, with each other. They’re both precious metals, aren’t they? But silver is also a by product of copper mining. Would they tend to trade together-or contrarily?

Similarly, one might expect price activity in Euros and T-bonds to be similar. Conversely, the Swiss Franc and the Dollar Index should have opposite reactions to the same market input.

A primary rationale behind the continuing bull market in stocks has been declining interest rates. How closely, in fact, have T-bond and SP500 futures tracked each other on a daily basis?

For years traders have made a very non-fundamental connection between the silver and soybean markets. How closely have they traded?

Heating oil and crude oil-yes. But live cattle and the J-Yen???

Some brief explanation is required. The singular relationship under consideration is the frequency of duplicated up/down daily closings. E.g., if Market A closed higher on Day 1, did also Market B? (In that respect, the study is qualitative, not quantitative, i.e., the amount is irrelevant.)

Without going into further details of least-squares and scatterplots, the precise statistical terminology that describes each relationship is a sample coefficient of correlation, a number greater than -1 and less than +1. Thus, if, every day over the sample period, each of two markets duplicated the other’s higher or lower closing, they would have a coefficient of correlation equal to 1/1, or +1. Conversely, two markets that always closed contrarily to each other would have a coefficient equal to -1. A 0 value indicates no correlation whatsoever. For convenience, however, all values in the spread sheet have been stated in terms of percentages of +1 or -1.

Remember, the amount of change is irrelevant, which can account for differences in trend.

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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Futures Trading Levels

Contract June 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1932.33 3763.08 16789 1152.00 80.84
Resistance 2 1925.17 3748.92 16738 1146.60 80.73
Resistance 1 1921.58 3741.58 16710 1142.90 80.63
Pivot 1914.42 3727.42 16659 1137.50 80.52
Support 1 1910.83 3720.08 16631 1133.80 80.42
Support 2 1903.67 3705.92 16580 1128.40 80.31
Support 3 1900.08 3698.58 16552 1124.70 80.21
Contract August Gold July Silver July Crude Oil September Bonds  June Euro
Resistance 3 1271.4 1946.8 105.45 138 26/32 1.3665
Resistance 2 1266.4 1928.2 104.70 138 18/32 1.3645
Resistance 1 1261.3 1915.3 104.12 138 1.3625
Pivot 1256.3 1896.7 103.37 137 24/32 1.3605
Support 1 1251.2 1883.8 102.79 137  6/32 1.3585
Support 2 1246.2 1865.2 102.04 136 30/32 1.3565
Support 3 1241.1 1852.3 101.46 136 12/32 1.3545
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 474.3 639.4 1506.00 506.80 39.79
Resistance 2 472.7 637.8 1504.00 504.60 39.67
Resistance 1 471.1 635.2 1501.50 501.50 39.54
Pivot 469.4 633.6 1499.50 499.30 39.42
Support 1 467.8 630.9 1497.0 496.2 39.3
Support 2 466.2 629.3 1495.00 494.00 39.17
Support 3 464.6 626.7 1492.50 490.90 39.04
5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:18pm Currency Impact Detail Actual Forecast Previous Graph
FriMay 30  2:00am EUR German Retail Sales m/m 0.4% -0.7%
5:00am EUR Italian Prelim CPI m/m 0.0% 0.2%
8:30am USD Core PCE Price Index m/m 0.2% 0.2%
USD Personal Spending m/m 0.2% 0.9%
USD Personal Income m/m 0.3% 0.5%
9:45am USD Chicago PMI 60.8 63.0
9:55am USD Revised UoM Consumer Sentiment 82.9 81.8
USD Revised UoM Inflation Expectations 3.2%
5:00pm USD FOMC Member Plosser 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.

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