Futures Trading Levels and Economic Reports for July 10, 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 Wednesday July 10, 2013

Hello Traders,

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

 Some big moves took place while I was away. The two that are of most interest to me, are the stock index and crude oil futures.

Stocks had an impressive rebound following the Nikkei foot steps.

The market is now against strong resistance levels and it will be interesting to see if we can break above 1656 followed by 1680 or if the selling pressure will resume. My longer term outlook is for lower prices but I will let price action show me which side of the market has better probabilities.

Daily chart of the mini SP for your review below:

mini SP daily chart


Crude Oil had a big UPSIDE move, mostly on political unrest in middle east but this market is also trading against important levels with today’s high breaking the previous high from Sept. of 2012 .
While I am sure we will see big moves both ways in the volatile crude market, price action suggests more upside in the medium/ longer term based on my personal view of the charts.

Weekly chart for your review below:


weekly crude oil chart



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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 1665.00 3014.50 15369 1030.90 85.74
Resistance 2 1657.00 2999.75 15313 1024.20 85.35
Resistance 1 1651.75 2988.50 15273 1020.00 85.08
Pivot 1643.75 2973.75 15217 1013.30 84.70
Support 1 1638.50 2962.50 15177 1009.10 84.43
Support 2 1630.50 2947.75 15121 1002.40 84.04
Support 3 1625.25 2936.50 15081 998.20 83.77
Contract August Gold Sept. Silver August Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1286.0 2002.5 106.41 134 10/32 1.3020
Resistance 2 1272.4 1975.5 105.26 134  2/32 1.2960
Resistance 1 1259.3 1947.0 104.62 133 25/32 1.2874
Pivot 1245.7 1920.0 103.47 133 17/32 1.2814
Support 1 1232.6 1891.5 102.83 133  8/32 1.2728
Support 2 1219.0 1864.5 101.68 133 1.2668
Support 3 1205.9 1836.0 101.04 132 23/32 1.2582
Contract Dec Corn Sept. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 543.2 682.8 1300.58 399.70 46.69
Resistance 2 533.1 681.2 1290.42 391.70 46.40
Resistance 1 527.4 679.3 1283.33 385.30 46.18
Pivot 517.3 677.7 1273.17 377.30 45.89
Support 1 511.7 675.8 1266.1 370.9 45.7
Support 2 501.6 674.2 1255.92 362.90 45.38
Support 3 495.9 672.3 1248.83 356.50 45.16
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 3:53pm Currency Impact Detail Actual Forecast Previous Graph
WedJul 10  2:00am EUR German Final CPI m/m 0.1% 0.1%
2:45am EUR French Industrial Production m/m -0.5% 2.2%
4:00am EUR Italian Industrial Production m/m 0.4% -0.3%
10:00am USD Wholesale Inventories m/m 0.3% 0.2%
10:30am USD Crude Oil Inventories -2.9M -10.3M
1:00pm USD 10-y Bond Auction 2.21|2.5
2:00pm USD FOMC Meeting Minutes
4:10pm USD Fed Chairman Bernanke 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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