Futures Trading Levels and Economic Reports for May 17, 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.

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Futures Trading Levels and Economic Reports for May 17, 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 Friday May 17, 2013

Hello Traders,

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

 

A few different ways to enter a trade…..A good client of mine told me that in the “out of trading world” he has always made his money by entering at the right price. Made me think about trading and the different ways one can enter a trade. Below is just a quick highlight/ food for thought and over the next few weeks I will expand and put up an article with chart examples:
1. Enter a trade at the market. You get in at the best price possible and the nice thing you make sure you are in if you want to be at this trade.
2. Place a limit order to sell higher than current market price or to buy lower than current market price. Plus side, you will enter at a better price than where the market is and this may give you better chances for a winning trade. The down side, you may miss a good trade because the market never came back enough to let you in…
3. Enter an order to buy on a stop if market goes higher or sell on a stop if market goes lower. I actually like this method for a few entries/market conditions as it provides what I call price confirmation. Example: You like to go long when RSI drops below 20 and stochastics are crossing over, signaling a buy signal. Rather than go at market, i would place a buy stop 2 ticks above the last bar high and let price action show me that there is actually momentum to the upside. What I like to refer to as price confirmation for my signal. I like using this entry when looking at counter trend set ups. What you gain is higher confidence ( in my view ) for price to move in my direction, on the other hand you are giving up a few ticks on the entry….

 

 

 

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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 June 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1680.25 3032.67 15436 1001.73 84.75
Resistance 2 1670.00 3018.58 15357 996.37 84.48
Resistance 1 1663.25 3010.67 15302 991.73 84.21
Pivot 1653.00 2996.58 15223 986.37 83.94
Support 1 1646.25 2988.67 15168 981.73 83.67
Support 2 1636.00 2974.58 15089 976.37 83.40
Support 3 1629.25 2966.67 15034 971.73 83.13
Contract June Gold July Silver June Crude Oil June Bonds  June Euro
Resistance 3 1461.2 2414.3 97.44 145 24/32 1.3036
Resistance 2 1445.3 2379.7 95.94 145  6/32 1.2990
Resistance 1 1418.2 2313.8 95.14 144 21/32 1.2936
Pivot 1402.3 2279.2 93.64 144  3/32 1.2890
Support 1 1375.2 2213.3 92.84 143 18/32 1.2836
Support 2 1359.3 2178.7 91.34 143 1.2790
Support 3 1332.2 2112.8 90.54 142 15/32 1.2736
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 672.7 712.8 1437.17 421.53 50.55
Resistance 2 666.1 708.9 1428.58 418.17 50.25
Resistance 1 658.4 701.3 1420.67 414.33 49.80
Pivot 651.8 697.4 1412.08 410.97 49.50
Support 1 644.2 689.8 1404.2 407.1 49.1
Support 2 637.6 685.9 1395.58 403.77 48.75
Support 3 629.9 678.3 1387.67 399.93 48.30
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 3:49pm Currency Impact Detail Actual Forecast Previous Graph
FriMay 17  9:55am USD Prelim UoM Consumer Sentiment 77.9 76.4
USD Prelim UoM Inflation Expectations 3.1%
10:00am USD CB Leading Index m/m 0.3% -0.1%

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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