Futures Trading Levels and Economic Reports for September 4, 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 4, 2013

Hello Traders,

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

 

Markets are quite sensitive to news breaks, especially with the Syria situation.

 

I think the following holds true EVERY day and every trade but even more so when the markets are tense like they are with the Syria situation right now:

 

When you think you are are about to get into a trade, take a few extra seconds to answer yourself the following:

Where will I place a stop?

Do I have a first target profit?

If I get my first profit target, what do I do with the remaining of the trade?  Do I use a trailing stop?

Do I have a final target?

What is the trade size I will use?

 

I know that sometimes you have to trade with the flow and make decisions on the fly but the more often you will think these steps out and plan your trade, the better chances you have to follow your plan and stay disciplined.

 

In between a daily chart of the mini NASDAQ 100 for your review as I feel the NASDAQ 100 is the leader of the indices recently.

 

Many have asked me for the meaning of the diamonds, arrows, plus signs etc.

It is actually part of a trading methodology I came up with and plan to have a series of webinars in the next few weeks where I review my indicators, money mgmt concept and more but to give a brief explanation:

 

Red Diamond is possible sell if we can take out previous bar low.

Blue diamond= possible buy if we can takeout previous bar high.

Same applies for Blue/ red triangles AS LONG as we get what I call price confirmation.

 

The lines are either FIBONACCI retracement or extension. More details will be explained in the first webinar which will be next Wednesday and an invite will follow this Friday.

mini NASDAQ daily chart

 

 

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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 Sept. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1668.33 3145.08 15081 1050.90 83.17
Resistance 2 1659.17 3129.17 15004 1039.80 82.98
Resistance 1 1649.08 3107.83 14915 1028.40 82.67
Pivot 1639.92 3091.92 14838 1017.30 82.48
Support 1 1629.83 3070.58 14749 1005.90 82.17
Support 2 1620.67 3054.67 14672 994.80 81.98
Support 3 1610.58 3033.33 14583 983.40 81.67
Contract Dec. Gold Dec. Silver Oct. Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1456.9 2505.7 111.68 132 18/32 1.3263
Resistance 2 1436.7 2479.3 110.26 131 25/32 1.3230
Resistance 1 1424.8 2455.7 109.40 130 29/32 1.3203
Pivot 1404.6 2429.3 107.98 130  4/32 1.3170
Support 1 1392.7 2405.7 107.12 129  8/32 1.3143
Support 2 1372.5 2379.3 105.70 128 15/32 1.3110
Support 3 1360.6 2355.7 104.84 127 19/32 1.3083
Contract Dec Corn Dec. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 502.9 670.3 1425.83 453.70 45.34
Resistance 2 495.6 665.4 1414.92 448.70 45.00
Resistance 1 485.4 656.3 1400.83 443.80 44.59
Pivot 478.1 651.4 1389.92 438.80 44.25
Support 1 467.9 642.3 1375.8 433.9 43.8
Support 2 460.6 637.4 1364.92 428.90 43.50
Support 3 450.4 628.3 1350.83 424.00 43.09
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 3:43pm Currency Impact Detail Actual Forecast Previous Graph
WedSep 4  3:15am EUR Spanish Services PMI 49.3 48.5
3:45am EUR Italian Services PMI 49.2 48.7
4:00am EUR Final Services PMI 51.0 51.0
5:00am EUR Retail Sales m/m 0.5% -0.5%
EUR Revised GDP q/q 0.3% 0.3%
7:30am USD Challenger Job Cuts y/y 2.3%
8:30am USD Trade Balance -38.7B -34.2B
10:00am USD IBD/TIPP Economic Optimism 46.2 45.1
All Day USD Total Vehicle Sales 15.8B 15.7M
2:00pm USD Beige Book



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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