Futures Trading Levels and Economic Reports for August 29, 2013

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.

Futures Trading Levels and Economic Reports for August 29, 2013

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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 Thursday August 29, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 


The mental part of trading is so hard….


Today for example I had excellent signals on the crude oil yet barely managed to scratch…


It started with me trying to trade while doing other things (not a good idea…)

Then I would miss a good trade and get anxious to jump in even though the signal was done with…also not a good thing.


Once I did get in, since my psyche was already off, I did not have the patience to stay in the trade and let my stops and targets work, so I would get out. Sure enough seconds after I get out, the market goes my way and drives me crazy…not a good thing again….Luckily the signals were good enough otherwise this could have been a bad day.


The points I am trying to make today?

Make sure you are focused and not distracted.

If you sense that you are not in the right frame of mind, take a small break.

Plan your trade and then have patience to trade your plan.

I highly recommend using daily stops and profit targets. Set a profit target for the day and when achieved take your profit and walk away. Set a daily loss limit, i.e the most you are willing to risk on any given day. When that happens, walk away. Might be a losing day but if you stop it can not turn into a TERRIBLE day….


I wrote a full article about my day trading money management approach for SFO magazine few years back. If you like a copy, please email me and I will send you the PDF.


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4. What is the amount of capital you are planning to open an account with or working with currently?

5. Have you taken a course or been mentored by anyone?

6. Do you currently have your own charts that you are using?



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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.


Futures Trading Levels

Contract Sept. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1654.25 3113.75 14967 1027.60 82.19
Resistance 2 1646.75 3099.25 14908 1023.20 81.92
Resistance 1 1639.75 3085.00 14858 1018.80 81.69
Pivot 1632.25 3070.50 14799 1014.40 81.41
Support 1 1625.25 3056.25 14749 1010.00 81.18
Support 2 1617.75 3041.75 14690 1005.60 80.91
Support 3 1610.75 3027.50 14640 1001.20 80.68
Contract Dec. Gold Sept. Silver Oct. Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1450.1 2576.3 114.55 134 18/32 1.3488
Resistance 2 1442.0 2544.2 113.39 134  1/32 1.3443
Resistance 1 1429.3 2486.3 111.42 133 10/32 1.3393
Pivot 1421.2 2454.2 110.26 132 25/32 1.3348
Support 1 1408.5 2396.3 108.29 132  2/32 1.3298
Support 2 1400.4 2364.2 107.13 131 17/32 1.3253
Support 3 1387.7 2306.3 105.16 130 26/32 1.3203
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 491.4 666.0 1389.83 446.47 45.14
Resistance 2 488.6 664.5 1383.92 442.03 44.99
Resistance 1 484.7 662.0 1378.33 435.67 44.89
Pivot 481.8 660.5 1372.42 431.23 44.74
Support 1 477.9 658.0 1366.8 424.9 44.6
Support 2 475.1 656.5 1360.92 420.43 44.49
Support 3 471.2 654.0 1355.33 414.07 44.39
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 3:36pm Currency Impact Detail Actual Forecast Previous Graph
ThuAug 29 All Day EUR German Prelim CPI m/m 0.2% 0.5%
 3:55am EUR German Unemployment Change -5K -7K
4:10am EUR Retail PMI 49.5
Tentative EUR Italian 10-y Bond Auction 4.46|1.3
8:30am USD Prelim GDP q/q 2.2% 1.7%
USD Unemployment Claims 330K 336K
USD Prelim GDP Price Index q/q 0.7% 0.7%
8:50am USD FOMC Member Bullard Speaks
10:30am USD Natural Gas Storage 65B 57B
12:00pm EUR German Buba President Weidmann Speaks
7:45pm 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


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