Futures Trading Levels and Economic Reports for August 8, 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 8, 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 8, 2013

Hello Traders,

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

To expand on what I wrote few days ago:

Each market has different personalities, 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 try over the next few blogs to shed some light on other markets I think are suitable for day-trading along with what is unique about these markets, personality and most active trading hours.

Yesterday I touched on the financial sector, mostly bonds and ten years. Today I would like to talk a little about the currency futures markets.  

I personally prefer currency futures over FOREX any day. More than a few reasons but the main ones are: currency futures trade on one, regulated main exchange ( CME) while FOREX trades through different interbanks and other means of transactions that are not necessarily regulated. FOREX are “commission free” but in reality there is a spread built in that dealer marks up each time you buy or sell which makes FOREX more expensive than futures.

The main ones I like to follow are:

The Euro , The Yen, The British Pound, The Australian. All are paired versus the US$.

Each market will have different times of higher volume which can allow for traders in all time zones to pick their market. Simply open an hourly chart, like the example i am showing below of the Australian $ and add the volume indicator to observe what times the market has the most action.

In the case of the Aussie, you can see there is good volume all the way from 7 pm central during our night time until the next morning 10 am central when volume dies out as Australia goes to sleep…..


1 Euro tick is $12.50

1 Yen tick is $12.50

1 Aussie tick is $10

1 British tick is $6.25


Currency futures will often trend better than other segments and will experience different levels of volatility during economic reports in the different parts of the world.

If you plan on following any currencies, start in demo mode, know what reports are coming that affect the specific currency you are trading, take a look at the daily, weekly charts to get a feel and monitor the action for a while.

Any questions and i will be happy to assist.

Aussie Dollar 60 Minutes

Aussie Dollar 60 Minutes

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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 1706.67 3154.33 15563 1057.63 82.30
Resistance 2 1700.08 3136.92 15514 1053.67 82.09
Resistance 1 1693.67 3125.58 15472 1048.43 81.70
Pivot 1687.08 3108.17 15423 1044.47 81.49
Support 1 1680.67 3096.83 15381 1039.23 81.10
Support 2 1674.08 3079.42 15332 1035.27 80.89
Support 3 1667.67 3068.08 15290 1030.03 80.50
Contract Dec. Gold Sept. Silver Sept. Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1308.7 2019.0 106.92 135  7/32 1.3446
Resistance 2 1298.9 1989.5 106.35 134 22/32 1.3395
Resistance 1 1291.5 1969.0 105.25 134  9/32 1.3368
Pivot 1281.7 1939.5 104.68 133 24/32 1.3317
Support 1 1274.3 1919.0 103.58 133 11/32 1.3290
Support 2 1264.5 1889.5 103.01 132 26/32 1.3239
Support 3 1257.1 1869.0 101.91 132 13/32 1.3212
Contract Dec Corn Sept. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 470.6 654.2 1183.58 355.90 42.81
Resistance 2 467.4 651.8 1178.92 353.40 42.65
Resistance 1 462.8 647.7 1172.33 350.40 42.38
Pivot 459.7 645.3 1167.67 347.90 42.22
Support 1 455.1 641.2 1161.1 344.9 41.9
Support 2 451.9 638.8 1156.42 342.40 41.79
Support 3 447.3 634.7 1149.83 339.40 41.52
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 4:03pm Currency Impact Detail Actual Forecast Previous Graph
ThuAug 8  2:00am EUR German Trade Balance 15.2B 14.1B
4:00am EUR ECB Monthly Bulletin
8:30am USD Unemployment Claims 336K 326K
10:30am USD Natural Gas Storage 74B 59B
1:00pm USD 30-y Bond Auction 3.66|2.3



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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