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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.

Futures Trading Levels and Economic Reports for July 31, 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 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

Crude Oil 18 Tick Range Bar 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 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
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
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

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