Futures Trading Levels and Economic Reports for May 23, 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 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:
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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 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 |
source:http://www.forexfactory.com/calendar.php
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 |
