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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.

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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 July 18, 2013

Hello Traders,

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


I got a sell signal on the daily mini SP chart ( see below the red diamond) . To be honest it does not mean much UNLESS price can break 1665.00. At that point I think we have better chances for a more meaningful pullback.
There are times when I like to enter trades using a stop order. i do this when I feel that I need to see certain levels brake and that if these specific levels break, I think the market has better chances of picking up speed and momentum in the same direction.  This is a good way to avoid picking tops and bottoms prematurely, like in todays example. I.E if market continues higher and does not break 1665 I will not get in a short position and stay out of the market. If it does, I may have given up a few points but for me personally, I will have more confidence in the trade.


EP - E Mini S&P 500, Equalized Active Daily Continuation

EP – E Mini S&P 500, Equalized Active Daily Continuation

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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 1691.17 3092.83 15538 1057.37 84.11
Resistance 2 1685.33 3084.67 15491 1050.03 83.87
Resistance 1 1681.42 3079.08 15455 1045.97 83.53
Pivot 1675.58 3070.92 15408 1038.63 83.28
Support 1 1671.67 3065.33 15372 1034.57 82.94
Support 2 1665.83 3057.17 15325 1027.23 82.70
Support 3 1661.92 3051.58 15289 1023.17 82.36
Contract August Gold Sept. Silver August Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1315.3 2079.8 109.12 136 21/32 1.3188
Resistance 2 1304.4 2046.7 107.87 135 24/32 1.3136
Resistance 1 1294.2 2020.3 107.14 135  8/32 1.3101
Pivot 1283.3 1987.2 105.89 134 11/32 1.3049
Support 1 1273.1 1960.8 105.16 133 27/32 1.3014
Support 2 1262.2 1927.7 103.91 132 30/32 1.2962
Support 3 1252.0 1901.3 103.18 132 14/32 1.2927
Contract Dec Corn Sept. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 508.0 671.0 1279.17 386.17 46.00
Resistance 2 506.5 670.5 1271.58 381.83 45.83
Resistance 1 505.0 670.0 1267.67 379.37 45.55
Pivot 503.5 669.5 1260.08 375.03 45.38
Support 1 502.0 669.0 1256.2 372.6 45.1
Support 2 500.5 668.5 1248.58 368.23 44.93
Support 3 499.0 668.0 1244.67 365.77 44.65
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:23pm Currency Impact Detail Actual Forecast Previous Graph
ThuJul 18  4:00am EUR Current Account 21.3B 19.5B
Tentative EUR Spanish 10-y Bond Auction 4.77|1.8
8:30am USD Unemployment Claims 344K 360K
10:00am USD Fed Chairman Bernanke Testifies
USD Philly Fed Manufacturing Index 8.5 12.5
USD CB Leading Index m/m 0.3% 0.1%
10:30am USD Natural Gas Storage 63B 82B

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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