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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.

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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 Friday March 07, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

Monthly unemployment numbers coming out tomorrow morning, 7:30 AM central time. This is definitely a market moving report that normally injects high volatility into indices, financials, currencies, metals and even the energies.

I personally do NOT trade until after the report and this is what I recommend my clients but as long as you are aware and ready, you can make your own decisions.

Below you will see a 1 minute chart of the mini SP 500 from the last monthly unemployment back in February 7th 2014 just to get an idea of the moves prior and after the report, notice the 26 point move during the 1 minute bar right when the numbers came out!!!:

EPH4 - E mini 500, Max 14, 1 Min.

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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 March 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1891.17 3764.92 16548 1216.57 80.67
Resistance 2 1886.08 3751.08 16493 1212.73 80.44
Resistance 1 1881.17 3736.92 16453 1208.27 80.05
Pivot 1876.08 3723.08 16398 1204.43 79.82
Support 1 1871.17 3708.92 16358 1199.97 79.43
Support 2 1866.08 3695.08 16303 1196.13 79.20
Support 3 1861.17 3680.92 16263 1191.67 78.81
Contract Apr. Gold May Silver April Crude Oil June Bonds  Mar. Euro
Resistance 3 1381.6 2225.0 104.55 132 31/32 1.4081
Resistance 2 1367.8 2195.0 103.32 132 22/32 1.3977
Resistance 1 1359.0 2170.5 102.60 132  7/32 1.3919
Pivot 1345.2 2140.5 101.37 131 30/32 1.3815
Support 1 1336.4 2116.0 100.65 131 15/32 1.3757
Support 2 1322.6 2086.0 99.42 131  6/32 1.3653
Support 3 1313.8 2061.5 98.70 130 23/32 1.3595
Contract May Corn May Wheat May Beans May SoyMeal May bean Oil
Resistance 3 501.0 649.0 1449.00 460.57 45.39
Resistance 2 496.5 647.5 1444.00 457.83 44.98
Resistance 1 493.8 646.8 1441.00 454.37 44.74
Pivot 489.3 645.3 1436.00 451.63 44.33
Support 1 486.5 644.5 1433.0 448.2 44.1
Support 2 482.0 643.0 1428.00 445.43 43.68
Support 3 479.3 642.3 1425.00 441.97 43.44
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:08pm Currency Impact Detail Actual Forecast Previous Graph
FriMar 7  2:00am EUR German WPI m/m 0.6% 0.4%
2:45am EUR French Gov Budget Balance -74.9B
EUR French Trade Balance -5.3B -5.2B
6:00am EUR German Industrial Production m/m 0.7% -0.6%
8:30am USD Non-Farm Employment Change 151K 113K
USD Trade Balance -39.1B -38.7B
USD Unemployment Rate 6.6% 6.6%
USD Average Hourly Earnings m/m 0.2% 0.2%
12:00pm USD FOMC Member Dudley Speaks
3:00pm USD Consumer Credit m/m 14.6B 18.8B

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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