Futures Market Outlook 4.26.2016

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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 Tuesday April 26, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Voted #1 futures trading blog!

Greetings!

The week started out a little slow and on lower volume than normal as I think market awaits FOMC this Wednesday.

We do hve a few important reports tomorrow that may provide for some more movement ahead of the rate decision on Wednesday.

I do think that markets have patterns that repeat themselves, the question is when does it happen and how to act on it when it does and how to protect yourself when it does not.

There are certain days of the week, certain days with reports that can increase chances for behavior one way or another. Sometimes just knowing when we have higher chances for higher volatility can help one be more prepared for the trading day.

I mentioned before about crude oil trading extra volatile right around 8 Am and 1:15 PM central time ( right around the open of the old pit and before the close of the old pit). There are days when energies may have some very large moves during these last 15 minutes.

I mentioned before about bonds and their volatile trading behavior during the last 30 minutes of the last trading day of the month…

There is much more…FOMC, unemployment, stock index on options expiration day and many more examples.

Keep a trading journal and try to keep track of certain behavior like the ones mentioned above as our memory is not as good as we think….

If you do need feedback, would like to chat/ consult with an experienced broker about any specific markets or strategies, feel free to contact us.

Featured System of the Month ( including real-time performance): Axiom Index II WFO NQ Trading System

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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Futures Trading Levels

Contract June 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2112.33 4530.08 18180 1164.30 95.50
Resistance 2 2101.92 4504.92 18074 1156.70 95.30
Resistance 1 2091.83 4486.33 17986 1146.40 95.05
Pivot 2081.42 4461.17 17880 1138.80 94.85
Support 1 2071.33 4442.58 17792 1128.50 94.60
Support 2 2060.92 4417.42 17686 1120.90 94.40
Support 3 2050.83 4398.83 17598 1110.60 94.15
Contract June Gold May Silver June Crude Oil June Bonds June   Euro
Resistance 3 1257.3 17.48 45.21 163 15/32 1.1360
Resistance 2 1250.5 17.31 44.63 163 4/32 1.1327
Resistance 1 1244.8 17.15 43.75 162 15/32 1.1302
Pivot 1238.0 16.98 43.17 162 4/32 1.1269
Support 1 1232.3 16.82 42.29 161 15/32 1.1243
Support 2 1225.5 16.65 41.71 161 4/32 1.1210
Support 3 1219.8 16.49 40.83 160 15/32 1.1185
Contract July Corn July Wheat July Beans July SoyMeal May Nat Gas
Resistance 3 407.7 503.0 1068.08 348.97 2.28
Resistance 2 398.6 494.3 1048.92 338.63 2.23
Resistance 1 390.2 486.0 1029.33 329.07 2.15
Pivot 381.1 477.3 1010.17 318.73 2.10
Support 1 372.7 469.0 990.6 309.2 2.0
Support 2 363.6 460.3 971.42 298.83 1.96
Support 3 355.2 452.0 951.83 289.27 1.88

Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:06pm Currency Impact Detail Actual Forecast Previous Graph
TueApr 26  4:30am GBP BBA Mortgage Approvals 46.1K 45.9K
8:30am USD Core Durable Goods Orders m/m 0.6% -1.3%
USD Durable Goods Orders m/m 1.9% -3.0%
9:00am USD S&P/CS Composite-20 HPI y/y 5.5% 5.7%
9:45am USD Flash Services PMI 52.3 51.3
10:00am USD CB Consumer Confidence 95.8 96.2
USD Richmond Manufacturing Index 11 22
1:00pm GBP MPC Member Cunliffe Speaks

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 judgement in trading. 

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