Futures Trading Levels and Economic Reports for May 23, 2013

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 May 23, 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 Thursday May 23, 2013

Hello Traders,

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


Today was the first meaningful bearish action in stock index futures in more than a few weeks…The big question is will this just be another opportunity to go long or is this the start of a reversal?
We need to follow and monitor price action and closing prices over the next few sessions before attempting to decide but here are the few factors that jumped at me today and make me think that maybe today’s price action is the start of a more meaningful correction:

1. We made new, fresh all time high ONLY to reverse, take out the previous day lows and close right on the low
2. Today’s volume was the highest in a while
3. From a technical point of view this seems to be a key reversal

All this being said, who ever tried to short the stock market over the last few months did not have much success to say the least….So be careful, be patient and let the market provide you with clues. My first sign will be if we can close below 1649.

Below is a daily mini SP chart with some levels I feel are important to watch:


 mini sp futures daily 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 June 2013 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1718.08 3113.00 15759 1035.67 85.71
Resistance 2 1701.92 3083.25 15641 1022.03 85.11
Resistance 1 1678.83 3043.25 15477 1002.67 84.72
Pivot 1662.67 3013.50 15359 989.03 84.12
Support 1 1639.58 2973.50 15195 969.67 83.73
Support 2 1623.42 2943.75 15077 956.03 83.13
Support 3 1600.33 2903.75 14913 936.67 82.74
Contract June Gold July Silver July Crude Oil June Bonds June Euro
Resistance 3 1460.6 2410.7 97.75 146 28/32 1.3127
Resistance 2 1436.9 2369.8 96.97 145 31/32 1.3063
Resistance 1 1400.4 2296.2 95.57 144 12/32 1.2962
Pivot 1376.7 2255.3 94.79 143 15/32 1.2898
Support 1 1340.2 2181.7 93.39 141 28/32 1.2797
Support 2 1316.5 2140.8 92.61 140 31/32 1.2733
Support 3 1280.0 2067.2 91.21 139 12/32 1.2632
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 686.0 695.7 1525.67 450.33 50.09
Resistance 2 672.5 692.8 1510.08 445.67 49.92
Resistance 1 665.5 690.7 1502.17 443.13 49.78
Pivot 652.0 687.8 1486.58 438.47 49.61
Support 1 645.0 685.7 1478.7 435.9 49.5
Support 2 631.5 682.8 1463.08 431.27 49.30
Support 3 624.5 680.7 1455.17 428.73 49.16
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 3:20pm Currency Impact Detail Actual Forecast Previous Graph
ThuMay 23  3:00am EUR French Flash Manufacturing PMI 44.8 44.4
EUR French Flash Services PMI 44.7 44.3
3:30am EUR German Flash Manufacturing PMI 48.6 48.1
EUR German Flash Services PMI 50.2 49.6
4:00am EUR Flash Manufacturing PMI 47.1 46.7
EUR Flash Services PMI 47.4 47.0
EUR Italian Retail Sales m/m 0.3% -0.2%
6:05am USD FOMC Member Bullard Speaks
8:30am USD Unemployment Claims 347K 360K
9:00am USD Flash Manufacturing PMI 51.6 52.1
USD HPI m/m 0.9% 0.7%
10:00am EUR Consumer Confidence -22 -22
USD New Home Sales 429K 417K
10:30am USD Natural Gas Storage 90B 99B
3:30pm EUR ECB President Draghi Speaks

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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