Futures Trading Levels and Economic Reports for October 24, 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 October 24, 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 October 24, 2013

Hello Traders,

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

So yesterday I mentioned a potential short on the mini NASDAQ which produced a few points today and I was asked why did I think we may see a correction today? The answer is based on mostly technical indicators and conditions I use and tested.The one that provided me with the trigger for a short yesterday after the close is based on the Bollinger bands study.I found out that stock index futures have “respect” for the bands…. and when we have a close outside the upper band, followed by a close below the higher band and also a low that is lower than the previous low, there is a good statistical chance for a correction towards the middle band. I marked that condition with a RED TRIANGLE on the chart.

Obviously this condition is just that, a condition, something to give me personally a trade direction and a level of confidence to act upon it. Some times it works, others it does not and this is where the more important part of trading comes to play and that is trade management.

Below is the updated mini NASDAQ chart with the bands, possible stops/ target for review:

As you can see the first target for this pull back was met at 3323, the second target if this works out will be 3307. The hard part at this point is where to bring the stop to?
keep it at 3381 right above the recent high or bring it closer to entry level around 3356?
The next few days will provide the answer as to which choice was better (-:

ENQ - E-mini NASDAQ 100, Equlized Active Daily Continuation

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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.

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Futures Trading Levels

Contract Dec. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1775.83 3418.08 15628 1132.70 80.33
Resistance 2 1765.17 3397.67 15543 1126.60 80.09
Resistance 1 1757.33 3378.83 15473 1119.80 79.70
Pivot 1746.67 3358.42 15388 1113.70 79.47
Support 1 1738.83 3339.58 15318 1106.90 79.08
Support 2 1728.17 3319.17 15233 1100.80 78.84
Support 3 1720.33 3300.33 15163 1094.00 78.45
Contract Dec. Gold Dec. Silver Dec. Crude Oil Dec. Bonds  Dec. Euro
Resistance 3 1388.8 2387.3 101.83 136 28/32 1.3960
Resistance 2 1366.7 2335.2 101.06 136 1.3877
Resistance 1 1353.6 2302.8 99.68 135 15/32 1.3829
Pivot 1331.5 2250.7 98.91 134 19/32 1.3746
Support 1 1318.4 2218.3 97.53 134  2/32 1.3698
Support 2 1296.3 2166.2 96.76 133  6/32 1.3615
Support 3 1283.2 2133.8 95.38 132 21/32 1.3567
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 447.8 704.5 1317.83 425.10 41.97
Resistance 2 445.4 703.8 1311.42 421.30 41.86
Resistance 1 441.8 702.3 1306.83 418.70 41.69
Pivot 439.4 701.5 1300.42 414.90 41.58
Support 1 435.8 700.0 1295.8 412.3 41.4
Support 2 433.4 699.3 1289.42 408.50 41.30
Support 3 429.8 697.8 1284.83 405.90 41.13
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 4:11pm Currency Impact Detail Actual Forecast Previous Graph
ThuOct 24  3:00am EUR French Flash Manufacturing PMI 50.3 49.8
EUR French Flash Services PMI 51.2 51.0
EUR Spanish Unemployment Rate 26.1% 26.3%
3:30am EUR German Flash Manufacturing PMI 51.6 51.1
EUR German Flash Services PMI 53.8 53.7
4:00am EUR Flash Manufacturing PMI 51.4 51.1
EUR Flash Services PMI 52.3 52.2
Day 1 EUR EU Economic Summit
8:30am USD Trade Balance -39.4B -39.1B
9:00am USD Flash Manufacturing PMI 52.8 52.8
10:00am USD New Home Sales 427K 421K
USD JOLTS Job Openings 3.77M 3.69M
10:30am USD Natural Gas Storage 80B 77B

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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