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 Wednesday May 14, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
I want to share something I have noticed if you are a stock index future trader.
As of lately I noticed that the Russell 2000 is acting as a “leading indicator”, i.e. the Russell will be the leader in up or down moves and may provide clues if you are trading the mini SP 500, NASDAQ, Dow etc.
Of course this is just an observation/ theory and I did NOT back test it or did in depth research but I think it is worth watching/ paying attention to for a few days before you start incorporating it (if at all) into your trading decisions.
30 second charts of both the mini Russell 2000 and the mini SP 500 for your review below, in this example you can see the mini Russell starting to make a move lower about 90 seconds before the mini SP 500 joined. Again, do NOT take this as a trading advice, as I honestly don’t think you can only make decisions based on that but it is worth further homework to see if one can incorporate it into their trading arsenal.
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|Contract June 2014||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||July Silver||June Crude Oil||June Bonds||June Euro|
|Resistance 2||1304.0||1976.3||102.93||136 17/32||1.3802|
|Resistance 1||1299.1||1965.2||102.39||136 9/32||1.3751|
|Support 1||1289.2||1939.7||100.84||135 18/32||1.3668|
|Support 2||1284.2||1925.3||99.83||135 3/32||1.3636|
|Support 3||1279.3||1914.2||99.29||134 27/32||1.3585|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July bean Oil|
|WedMay 14||2:00am||EUR||German Final CPI m/m||-0.2%||-0.2%|
|2:45am||EUR||French CPI m/m||0.2%||0.4%|
|5:00am||EUR||Industrial Production m/m||-0.3%||0.2%|
|USD||Core PPI m/m||0.2%||0.6%|
|10:30am||EUR||German Buba President Weidmann Speaks|
|USD||Crude Oil Inventories||-0.4M||-1.8M|
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.