Futures Levels and Economic Reports 7.24.2014 - 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 Levels and Economic Reports 7.24.2014

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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 July 24, 2014

Hello Traders,

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

Getting Clues from other markets?

When day trading a specific market do you only look at the chart for that specific market? Maybe you took it a step further and you are viewing multiple time frame charts for the same market which is a good step in my eyes.

Now lets take this even one step further by observing what markets have correlation, direct or inverse to the market you are trading, perhaps this can help you make decisions when trading.

I will give a few examples from my experience:

When I am in a position in the mini SP 500, I will often observe what the bonds are doing ( many times inverse correlation), I will take notice of what the Dow, Russell and NASDAQ are doing as well ( direct correlation).

If I am trading crude oil, I will many times pay attention to what unleaded gas and heating oil are doing (very close, although not direct correlation) as well as what WTI crude is doing.

One more example may be when I have a position trade in beans and I will try to get a feel for the overall direction of the grain markets (is there a trend? are they sideways?) by looking at corn, wheat in general and then look to see what bean oil and soy meal which are by products of beans are doing.

One question that can be asked is “what do you mean observe this or that market”? and a good example will be:

Lets say I am short the mini SP 500 and I am not sure if to take profit or not. I look at the mini Russell and see that mini Russell just made new lows, that will give me more confidence to stay in my short position as I feel there might be more room to the downside.

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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.  Past performance is not indicative to future results.

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Futures Trading Levels

Contract Sept. 2014 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1996.33 4029.08 17140 1170.00 81.06
Resistance 2 1989.92 4006.17 17103 1164.70 80.99
Resistance 1 1985.58 3990.08 17065 1159.40 80.95
Pivot 1979.17 3967.17 17028 1154.10 80.88
Support 1 1974.83 3951.08 16990 1148.80 80.83
Support 2 1968.42 3928.17 16953 1143.50 80.76
Support 3 1964.08 3912.08 16915 1138.20 80.72
Contract August Gold Sept.Silver Sept. Crude Oil September Bonds Sept. Euro
Resistance 3 1318.7 2123.8 105.18 139 1/32 1.3494
Resistance 2 1315.2 2117.2 104.26 138 30/32 1.3485
Resistance 1 1310.4 2107.3 103.63 138 23/32 1.3474
Pivot 1306.9 2100.7 102.71 138 20/32 1.3465
Support 1 1302.1 2090.8 102.08 138 13/32 1.3454
Support 2 1298.6 2084.2 101.16 138 10/32 1.3445
Support 3 1293.8 2074.3 100.53 138 3/32 1.3434
Contract Dec Corn Sept. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 377.3 537.8 1101.83 359.30 36.75
Resistance 2 374.3 534.4 1089.67 354.10 36.55
Resistance 1 372.5 532.6 1083.08 350.70 36.45
Pivot 369.5 529.2 1070.92 345.50 36.25
Support 1 367.8 527.3 1064.3 342.1 36.2
Support 2 364.8 523.9 1052.17 336.90 35.95
Support 3 363.0 522.1 1045.58 333.50 35.85
Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:51pm Currency Impact Detail Actual Forecast Previous Graph
ThuJul 24  3:00am EUR French Flash Manufacturing PMI 48.5 48.2
EUR French Flash Services PMI 48.9 48.2
EUR Spanish Unemployment Rate 25.9% 25.9%
3:30am EUR German Flash Manufacturing PMI 52.2 52.0
EUR German Flash Services PMI 54.7 54.6
4:00am EUR Flash Manufacturing PMI 52.0 51.8
EUR Flash Services PMI 52.7 52.8
EUR Italian Retail Sales m/m 0.4% 0.4%
8:30am USD Unemployment Claims 310K 302K
9:45am USD Flash Manufacturing PMI 57.5 57.3
10:00am USD New Home Sales 485K 504K
10:30am USD Natural Gas Storage 95B 107B

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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