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 Tuesday August 6, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Extremely low volume on stock index futures. Some of this may have to do with the summer vacations, perhaps some has to do with the fact that we are trading at new highs? To be honest I am not sure and will do some research to find out what kind of volume the actual stocks/ NYSE are having.
Overall, market making new highs on low volume does not give me much confidence in the long side. In between the intra day ranges are tight and volatility is low. I know that many of you are mini SP 500 traders, ES. However, keep your mind open to other markets as well like mini Russell (usually has more volatility than the ES), crude oil and gold futures as well as currency futures and 30 year bonds.
Each market has different personality, different behavior along with different times of the day when it is most active. If you are finding that the ES is not giving you enough risk/opportunities then start monitoring a couple of other markets and perhaps explore them in demo / simulated mode.
I will be happy to share feedback and answer questions via email or phone.
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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||1339.0||2040.3||109.54||134 26/32||1.3367|
|Resistance 2||1329.7||2019.7||108.61||134 11/32||1.3335|
|Resistance 1||1315.4||1993.3||107.55||133 24/32||1.3298|
|Support 1||1291.8||1946.3||105.56||132 22/32||1.3229|
|Support 2||1282.5||1925.7||104.63||132 7/32||1.3197|
|Support 3||1268.2||1899.3||103.57||131 20/32||1.3160|
|Contract||Dec Corn||Sept. Wheat||Nov.Beans||Dec. SoyMeal||Dec. bean Oil|
|TueAug 6||4:00am||EUR||Italian Industrial Production m/m||0.5%||0.1%|
|5:00am||EUR||Italian Prelim GDP q/q||-0.4%||-0.6%|
|6:00am||EUR||German Factory Orders m/m||1.1%||-1.3%|
|10:00am||USD||JOLTS Job Openings||3.91M||3.83M|
|USD||IBD/TIPP Economic Optimism||47.9||47.1|
|1:00pm||USD||FOMC Member Evans 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