Futures Market Observations- 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 Market Observations and Economic Reports 4.24.2014

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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 April 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.

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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 1883.58 3622.42 16544 1160.53 80.28
Resistance 2 1879.67 3605.33 16511 1156.57 80.14
Resistance 1 1875.33 3580.17 16478 1150.43 80.05
Pivot 1871.42 3563.08 16445 1146.47 79.91
Support 1 1867.08 3537.92 16412 1140.33 79.81
Support 2 1863.17 3520.83 16379 1136.37 79.67
Support 3 1858.83 3495.67 16346 1130.23 79.58
Contract June Gold May Silver June Crude Oil June Bonds  June Euro
Resistance 3 1297.1 1970.2 102.85 135  3/32 1.3903
Resistance 2 1293.1 1962.3 102.46 134 26/32 1.3878
Resistance 1 1288.8 1953.7 101.97 134 21/32 1.3846
Pivot 1284.8 1945.8 101.58 134 12/32 1.3821
Support 1 1280.5 1937.2 101.09 134  7/32 1.3789
Support 2 1276.5 1929.3 100.70 133 30/32 1.3764
Support 3 1272.2 1920.7 100.21 133 25/32 1.3732
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 522.0 693.4 1490.00 482.50 43.04
Resistance 2 516.0 688.6 1484.25 479.00 42.95
Resistance 1 512.8 685.7 1474.50 474.00 42.87
Pivot 506.8 680.8 1468.75 470.50 42.78
Support 1 503.5 677.9 1459.0 465.5 42.7
Support 2 497.5 673.1 1453.25 462.00 42.61
Support 3 494.3 670.2 1443.50 457.00 42.53

5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:06pm Currency Impact Detail Actual Forecast Previous Graph
ThuApr 24  4:00am EUR German Ifo Business Climate 110.5 110.7
5:00am EUR ECB President Draghi Speaks
Tentative EUR Spanish 10-y Bond Auction 3.29|2.1
8:30am USD Core Durable Goods Orders m/m 0.6% 0.1%
USD Unemployment Claims 309K 304K
USD Durable Goods Orders m/m 2.1% 2.2%
10:30am USD Natural Gas Storage 40B 24B

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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