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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 Wednesday June 19, 2013

Hello Traders,

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

 

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, June 19th).

 

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

 

if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

 

The following are suggestions on trading during FOMC days:

 

  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1625.00 with a stop at 1619.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1619.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined

 

 

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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.

 

Futures Trading Levels

Contract Sept. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1667.25 3034.42 15469 1015.30 81.49
Resistance 2 1658.00 3016.08 15371 1007.10 81.32
Resistance 1 1650.75 3002.42 15302 1001.20 81.04
Pivot 1641.50 2984.08 15204 993.00 80.88
Support 1 1634.25 2970.42 15135 987.10 80.60
Support 2 1625.00 2952.08 15037 978.90 80.43
Support 3 1617.75 2938.42 14968 973.00 80.15
Contract August Gold July Silver July Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1406.9 2228.0 100.10 140 27/32 1.3533
Resistance 2 1396.2 2208.5 99.36 140 10/32 1.3478
Resistance 1 1381.7 2183.5 98.90 139 29/32 1.3442
Pivot 1371.0 2164.0 98.16 139 12/32 1.3387
Support 1 1356.5 2139.0 97.70 138 31/32 1.3351
Support 2 1345.8 2119.5 96.96 138 14/32 1.3296
Support 3 1331.3 2094.5 96.50 138  1/32 1.3260
Contract July Corn July Wheat Nov.Beans Dec. SoyMeal July bean Oil
Resistance 3 692.4 689.8 1301.42 466.37 49.19
Resistance 2 684.6 688.7 1297.58 462.73 49.08
Resistance 1 678.9 688.1 1293.67 457.27 48.95
Pivot 671.1 686.9 1289.83 453.63 48.84
Support 1 665.4 686.3 1285.9 448.2 48.7
Support 2 657.6 685.2 1282.08 444.53 48.60
Support 3 651.9 684.6 1278.17 439.07 48.47
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:13pm Currency Impact Detail Actual Forecast Previous Graph
WedJun 19  Tentative EUR German 10-y Bond Auction 1.41|1.6
10:30am USD Crude Oil Inventories 2.5M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
2:30pm USD FOMC Press Conference

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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