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 Wednesday February 12, 2014
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More than a few similarities between the two markets.
They are both volatile, can move VERY fast. I have seen some very large moves happen in matter of minutes if not seconds. The “fear & greed” factor really plays a role in these specific two markets.
Both have active trading hours starting with Far East trading around 10 PM est all the way to the next morning until about 3 PM est. Good volume generally speaking but not close to the mini SP or ten year notes. So you may see some slippage on stops but the volume is more than enough to trade size.
Each tick on gold is $10, so every dollar move =$100 against you or in your favor. Crude is similar, each tick = $10. One full $1 move = $1000.
Both markets were quiet today relatively speaking but even on a quiet day, the range on gold was $21 or = $2100 wide using one futures contract. Crude ranges today was less than $1 or about $890 between hi/lo.
I like using overbought/ oversold indicators on the two markets as well as using range / Renko charts.
If you never traded these markets before, I highly recommend exploring in simulation/ demo mode. get a feel for the explosiveness, volatility, personality for a few weeks before trying in live mode.
As always, any questions, please feel free to email me.
Two charts from today’s session of gold and crude for your review below ( if you like to try the charts I am using along with indicators displayed, send me an email):
Crude 18 ticks range bar Feb. 11th 2014
Gold, 36 ticks range bar Feb. 11th 2014