Futures Trading Levels and Economic Reports for September 4, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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.
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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.
| 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 |
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
