Futures Market Observations and Economic Reports 4.24.2014
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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.
If you like the information we share? We would appreciate your positive reviews on our new yelp!!
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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| 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 |
source:http://www.forexfactory.com/calendar.php
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.
