Futures Trading Levels and Economic Reports for July 31, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 31, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
I was working with one of my clients today, trying to provide some feedback and possible different angles to add for his day-trading.
He is a crude trader mostly and I gave him a few ideas and the main one I would like to share today is adding different type of charts to your arsenal if you are a short term trader.
Mostly I am referring to tick charts, volume charts, range charts and renko charts.
The main advantage of using these type of charts versus lets say a 10 minute chart, is that if there is action/ volume/ price movement in the market, the bars will complete faster, hence generating a signal faster rather than you waiting for 10 minute bar to complete. Also when the market is slow, not much price or volume action, the bars will complete slower and will not generate a signal simply because time has passed.
I recommend looking at 15 minute charts and then as you go lower in time frame, add range or tick charts as the “lower time frame”.
I will be more than happy to expand on this topic in upcoming posts or answer questions you may have via email.
An example of a crude oil range chart from today for your review below:
Crude Oil 18 Tick Range Bar Chart
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GOOD TRADING
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 |
| Resistance 3 | 1701.00 | 3127.58 | 15665 | 1054.27 | 82.51 |
| Resistance 2 | 1694.75 | 3111.17 | 15601 | 1049.53 | 82.30 |
| Resistance 1 | 1689.75 | 3098.33 | 15547 | 1046.47 | 82.11 |
| Pivot | 1683.50 | 3081.92 | 15483 | 1041.73 | 81.90 |
| Support 1 | 1678.50 | 3069.08 | 15429 | 1038.67 | 81.71 |
| Support 2 | 1672.25 | 3052.67 | 15365 | 1033.93 | 81.50 |
| Support 3 | 1667.25 | 3039.83 | 15311 | 1030.87 | 81.31 |
| Contract | August Gold | Sept. Silver | Sept. Crude Oil | Sept. Bonds | Sept. Euro |
| Resistance 3 | 1345.6 | 2025.5 | 106.06 | 134 31/32 | 1.3370 |
| Resistance 2 | 1338.0 | 2006.5 | 105.30 | 134 22/32 | 1.3338 |
| Resistance 1 | 1332.2 | 1988.0 | 104.19 | 134 10/32 | 1.3301 |
| Pivot | 1324.6 | 1969.0 | 103.43 | 134 1/32 | 1.3269 |
| Support 1 | 1318.8 | 1950.5 | 102.32 | 133 21/32 | 1.3232 |
| Support 2 | 1311.2 | 1931.5 | 101.56 | 133 12/32 | 1.3200 |
| Support 3 | 1305.4 | 1913.0 | 100.45 | 133 | 1.3163 |
| Contract | Dec Corn | Sept. Wheat | Nov.Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 483.1 | 667.5 | 1238.00 | 381.17 | 43.36 |
| Resistance 2 | 480.7 | 664.8 | 1230.00 | 377.23 | 43.21 |
| Resistance 1 | 479.1 | 660.0 | 1216.50 | 370.57 | 42.95 |
| Pivot | 476.7 | 657.3 | 1208.50 | 366.63 | 42.80 |
| Support 1 | 475.1 | 652.5 | 1195.0 | 360.0 | 42.5 |
| Support 2 | 472.7 | 649.8 | 1187.00 | 356.03 | 42.39 |
| Support 3 | 471.1 | 645.0 | 1173.50 | 349.37 | 42.13 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:03pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| WedJul 31 | 2:00am | EUR | German Retail Sales m/m | 0.1% | 0.7% | ||||
| 2:45am | EUR | French Consumer Spending m/m | 0.1% | 0.5% | |||||
| 3:55am | EUR | German Unemployment Change | -1K | -12K | |||||
| 4:00am | EUR | Italian Monthly Unemployment Rate | 12.3% | 12.2% | |||||
| 5:00am | EUR | CPI Flash Estimate y/y | 1.6% | 1.6% | |||||
| EUR | Unemployment Rate | 12.2% | 12.1% | ||||||
| EUR | Italian Prelim CPI m/m | 0.3% | 0.3% | ||||||
| Tentative | EUR | German 30-y Bond Auction | 2.16|1.5 | ||||||
| 8:15am | USD | ADP Non-Farm Employment Change | 179K | 188K | |||||
| 8:30am | USD | Advance GDP q/q | 1.1% | 1.8% | |||||
| USD | Advance GDP Price Index q/q | 1.1% | 1.2% | ||||||
| USD | Employment Cost Index q/q | 0.4% | 0.3% | ||||||
| 9:45am | USD | Chicago PMI | 53.7 | 51.6 | |||||
| 10:30am | USD | Crude Oil Inventories | -2.1M | -2.8M | |||||
| 2:00pm | USD | FOMC Statement | |||||||
| USD | Federal Funds Rate | <0.25% | <0.25% |
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
