Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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
For 2016 I would like to wish all of you discipline and patience in your trading!
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
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.
|Contract June 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|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|
|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|
|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|