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 Friday August 2, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
As happened more than a few times in the past, the real direction/ reaction to the FOMC comes the following day and the reaction this time was a 21+ point rally on the SP500.
Tomorrow we have monthly unemployment along with a few other reports here in the US and in Europe that can either confirm this rally or cool off the recent surge in buying – either way I expect some volatility tomorrow.
Below is a daily chart of the mini SP500 with some potential Fibonacci extensions. Next key level on the way up is 1710 and key support or possible “trend changing level” is 1676.
I wish all of you successful, patient and disciplined trading during the month of August!
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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.
|Contract Sept. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Sept. Silver||Sept. Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1348.4||2032.8||111.75||135 30/32||1.3404|
|Resistance 2||1339.6||2014.2||109.91||135 2/32||1.3358|
|Resistance 1||1324.8||1988.3||108.79||133 23/32||1.3284|
|Support 1||1301.2||1943.8||105.83||131 16/32||1.3164|
|Support 2||1292.4||1925.2||103.99||130 20/32||1.3118|
|Support 3||1277.6||1899.3||102.87||129 9/32||1.3044|
|Contract||Dec Corn||Sept. Wheat||Nov.Beans||Dec. SoyMeal||Dec. bean Oil|
|FriAug 2||3:00am||EUR||Spanish Unemployment Change||-80.0K||-127.2K|
|8:30am||USD||Non-Farm Employment Change||184K||195K|
|USD||Average Hourly Earnings m/m||0.2%||0.4%|
|USD||Core PCE Price Index m/m||0.1%||0.1%|
|USD||Personal Income m/m||0.5%||0.5%|
|USD||Personal Spending m/m||0.5%||0.3%|
|10:00am||USD||Factory Orders m/m||2.3%||2.1%|
|12:15pm||USD||FOMC Member Bullard 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 herein 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