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 Thursday October 24, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
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 (-:
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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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|Contract Dec. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|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 1||1353.6||2302.8||99.68||135 15/32||1.3829|
|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|
|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|
|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.