Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for January 25, 2012
1. Market Commentary
A day full of reports ahead of us tomorrow along with State of the Union tonight.
Be ready for the unexpected.
FOMC meeting tomorrow. Statement will be released around 2:15 PM EST
FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.
My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. However, with tomorrow early morning reports and recent volatility, we may see wild action through out.
One advice everyone can benefit from is, reduce your trading size in proportion to the increase in volatility. This should help your comfort level while in the day-trade.
Below is a another tip from using our ATcharts ( ATcharts comes free for our live TransactAt clients who trade 10 round turns and more per month and is
available for a free demo )
In today’s “tip” I want to share how I like to look at different type of charts sometimes when it comes to day trading, below you will see how I change my 60 minutes chart into 8 ticks range bar chart:
1. As you can see below I right click in the middle of the chart
which is a 60 minute chart of the mini SP
2. I than choose chart settings and select
range in ticks ( true ) under the bar period.
3. From the same menu one can also change the graph style from OHLC to candlesticks and much more under Graph Type on the bottom left corner.
