Futures Trading Levels and Economic Reports for August 23, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 August 23, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
Another big day in stock index futures. Push lower overnight and then a powerful rally the rest of the day session.
The big question of course is….is this a short covering rally or the start of another leg up?
No one has the answer but we can all speculate on different scenarios. Looking at both the SP500 ( mini) and the NASDAQ 100 ( mini ) charts below, I think the following need to happen in order for the markets to have continued momentum to the upside: Nasdaq has to break above 3115 and mini sp needs to break 1657.75 followed by 1562 . Even then the question is does one think these markets can make new highs or not?
Either way price action was bullish today, we took out yesterdays low and closed above yesterday’s high. I think it’s called outside day reversal but don’t quote me on that….
NASDAQ 100 is the stronger sector leading the way so far.
On the downside, I want to see SP 500 “entering the cloud” below 1640 and the NASDAQ going below 3064.
Lots of technical chatter today and bottom line is the way price action will be tomorrow..Hence futures trading (-:
Charts for your review below:
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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.
| Contract Sept. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1668.25 | 3129.42 | 15095 | 1042.27 | 82.27 |
| Resistance 2 | 1661.50 | 3114.08 | 15046 | 1036.23 | 81.91 |
| Resistance 1 | 1649.75 | 3090.42 | 14953 | 1027.07 | 81.65 |
| Pivot | 1643.00 | 3075.08 | 14904 | 1021.03 | 81.29 |
| Support 1 | 1631.25 | 3051.42 | 14811 | 1011.87 | 81.02 |
| Support 2 | 1624.50 | 3036.08 | 14762 | 1005.83 | 80.66 |
| Support 3 | 1612.75 | 3012.42 | 14669 | 996.67 | 80.40 |
| Contract | Dec. Gold | Sept. Silver | Oct. Crude Oil | Sept. Bonds | Sept. Euro |
| Resistance 3 | 1398.0 | 2389.0 | 106.90 | 132 6/32 | 1.3502 |
| Resistance 2 | 1388.5 | 2362.5 | 106.12 | 131 26/32 | 1.3465 |
| Resistance 1 | 1378.3 | 2328.5 | 105.05 | 131 2/32 | 1.3409 |
| Pivot | 1368.8 | 2302.0 | 104.27 | 130 22/32 | 1.3372 |
| Support 1 | 1358.6 | 2268.0 | 103.20 | 129 30/32 | 1.3316 |
| Support 2 | 1349.1 | 2241.5 | 102.42 | 129 18/32 | 1.3279 |
| Support 3 | 1338.9 | 2207.5 | 101.35 | 128 26/32 | 1.3223 |
| Contract | Dec Corn | Dec. Wheat | Nov.Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 491.0 | 655.5 | 1331.67 | 427.20 | 43.87 |
| Resistance 2 | 487.8 | 653.3 | 1325.33 | 420.10 | 43.71 |
| Resistance 1 | 485.5 | 651.3 | 1314.67 | 414.10 | 43.44 |
| Pivot | 482.3 | 649.0 | 1308.33 | 407.00 | 43.28 |
| Support 1 | 480.0 | 647.0 | 1297.7 | 401.0 | 43.0 |
| Support 2 | 476.8 | 644.8 | 1291.33 | 393.90 | 42.85 |
| Support 3 | 474.5 | 642.8 | 1280.67 | 387.90 | 42.58 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:09pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| FriAug 23 | 2:00am | EUR | German Final GDP q/q | 0.7% | 0.7% | ||||
| 9:00am | EUR | Belgium NBB Business Climate | -11.1 | -12.0 | |||||
| 10:00am | EUR | Consumer Confidence | -17 | -17 | |||||
| USD | New Home Sales | 487K | 497K | ||||||
| Day 2 | ALL | Jackson Hole Symposium |
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
