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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 September 18, 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 Wednesday September 18, 2013

Hello Traders,

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

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, Sept. 18th).


FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.


if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.


The following are suggestions on trading during FOMC days:


  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1525.00 with a stop at 1519.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1519.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined



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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.


Futures Trading Levels

Contract Dec. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1712.75 3229.67 15583 1080.10 81.71
Resistance 2 1705.75 3209.33 15536 1071.40 81.61
Resistance 1 1701.75 3196.92 15499 1066.90 81.45
Pivot 1694.75 3176.58 15452 1058.20 81.35
Support 1 1690.75 3164.17 15415 1053.70 81.19
Support 2 1683.75 3143.83 15368 1045.00 81.09
Support 3 1679.75 3131.42 15331 1040.50 80.93
Contract Dec. Gold Dec. Silver Oct. Crude Oil Dec. Bonds  Dec. Euro
Resistance 3 1340.2 2255.0 107.80 131  7/32 1.3432
Resistance 2 1332.5 2234.5 107.12 130 28/32 1.3405
Resistance 1 1321.3 2205.0 106.31 130 19/32 1.3384
Pivot 1313.6 2184.5 105.63 130  8/32 1.3357
Support 1 1302.4 2155.0 104.82 129 31/32 1.3336
Support 2 1294.7 2134.5 104.14 129 20/32 1.3309
Support 3 1283.5 2105.0 103.33 129 11/32 1.3288
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 477.2 648.6 1395.67 447.23 43.09
Resistance 2 472.3 647.2 1380.83 441.67 42.89
Resistance 1 463.2 645.1 1361.67 434.13 42.56
Pivot 458.3 643.7 1346.83 428.57 42.36
Support 1 449.2 641.6 1327.7 421.0 42.0
Support 2 444.3 640.2 1312.83 415.47 41.83
Support 3 435.2 638.1 1293.67 407.93 41.50
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)


Date 3:48pm Currency Impact Detail Actual Forecast Previous Graph
WedSep 18  8:30am USD Building Permits 0.95M 0.95M
USD Housing Starts 0.93M 0.90M
10:30am USD Crude Oil Inventories -1.2M -0.2M
2:00pm USD FOMC Economic Projections
USD FOMC Statement
USD Federal Funds Rate <0.25% <0.25%
2:30pm USD FOMC Press Conference

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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