Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 June 20, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Another FOMC meeting is behind us and while traders try to read between the lines and get an idea for the FED future actions, the markets are reacting with some volatility and big initial moves.
Currencies, metals, interest rates, Stock Indices dropped significantly.
In the past I have seen the real reaction to follow the next day, so i will pay attention to markets direction and closing prices tomorrow in hope of getting a feel for the medium term direction.
In my opinion, US Bond futures will be the leader of the next move. All eyes are on the FED and their QE program/ bond buying program. This has been the major force behind the markets for many months.
Bonds have reached what I call GO/ NO GO level. A critical decision level as you can see from looking at the daily chart below.
Currently the market is sitting on a support/ potential double bottom level at 137.25 area. If market starts trading below that and stay below the 138 level, we may see a new range and another leg down for bond futures. If the market bounces from this level and starts trading higher, this may signal that the 137.25 area is a strong support level, a strong demand level and we may see a counter wave move going higher. I think that price action over next two days will provide better clues.
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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.
|Contract Sept. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||August Gold||July Silver||August Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1396.0||2236.0||100.46||141 20/32||1.3538|
|Resistance 2||1386.0||2210.5||99.83||140 24/32||1.3481|
|Resistance 1||1368.5||2170.0||99.03||139 8/32||1.3382|
|Support 1||1341.0||2104.0||97.60||136 28/32||1.3226|
|Support 3||1313.5||2038.0||96.17||134 16/32||1.3070|
|Contract||July Corn||July Wheat||Nov.Beans||Dec. SoyMeal||July bean Oil|
|ThuJun 20||2:00am||EUR||German PPI m/m||0.0%||-0.2%|
|3:00am||EUR||French Flash Manufacturing PMI||47.1||46.4|
|EUR||French Flash Services PMI||45.0||44.3|
|3:30am||EUR||German Flash Manufacturing PMI||49.9||49.4|
|EUR||German Flash Services PMI||50.1||49.7|
|4:00am||EUR||Flash Manufacturing PMI||48.6||48.3|
|EUR||Flash Services PMI||47.7||47.2|
|Tentative||EUR||Spanish 10-y Bond Auction||4.52|2.5|
|All Day||EUR||Eurogroup Meetings|
|9:00am||USD||Flash Manufacturing PMI||52.5||52.3|
|USD||Existing Home Sales||5.01M||4.97M|
|USD||Philly Fed Manufacturing Index||-0.6||-5.2|
|USD||CB Leading Index m/m||0.2%||0.6%|
|10:30am||USD||Natural Gas Storage||89B||95B|