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 Tuesday May 14, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
The last 10 days or so we have seen most sessions to behave like today: Narrow range, low volume, “manipulated market feeling”. Characteristics I personally DEFINITELY don’t like for day trading. But the bottom line the market is what the market is and as traders we need to understand the type of market we are in and adjust as quickly as possible.
By the way, for this type of marker behavior, I find using market profile and trying to buy / sell at the 15% tail curve of the previous session to work well but as we know in trading, things change very quickly…
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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 June 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||July Silver||June Crude Oil||June Bonds||June Euro|
|Resistance 3||1467.4||2417.0||97.08||146 3/32||1.3062|
|Resistance 2||1457.8||2400.5||96.44||145 20/32||1.3032|
|Resistance 1||1443.8||2380.0||95.74||145 5/32||1.3003|
|Support 1||1420.2||2343.0||94.40||144 7/32||1.2944|
|Support 2||1410.6||2326.5||93.76||143 24/32||1.2914|
|Support 3||1396.6||2306.0||93.06||143 9/32||1.2885|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July bean Oil|
|TueMay 14||2:00am||EUR||German Final CPI m/m||-0.5%||-0.5%|
|EUR||German WPI m/m||-0.3%||-0.2%|
|5:00am||EUR||German ZEW Economic Sentiment||39.5||36.3|
|EUR||Industrial Production m/m||0.6%||0.4%|
|EUR||ZEW Economic Sentiment||27.3||24.9|
|All Day||EUR||ECOFIN Meetings|
|7:30am||USD||NFIB Small Business Index||89.9||89.5|
|8:30am||USD||Import Prices m/m||-0.5%||-0.5%|