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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 Reports for May 7, 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 РGold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels РCorn, Wheat, Beans, Silver
5. Futures Economic Reports for Tuesday May 7, 2013

Hello Traders,

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


We started this week very quietly, especially compare to last week. Much lower volume and narrower trading range.


Last week we had a slew of reports and events and the daily ranges were wider than the average ( take a look at the Mini Dow Jones daily chart below and the ATR, average true range study in it). This week we started quietly and there is not much activity ahead on the economic calendar until Thursday.

Try to get a feel for the market early in the day by looking at the overnight range as well as the range of the first trading hour after cash open. This can help you estimate what type of range/ volatility we may have and adjust your trading parameters accordingly.

ym mini dow may 6th 2013



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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 June 2013 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1624.58 2974.33 14976 968.73 83.00
Resistance 2 1619.92 2964.17 14952 963.77 82.74
Resistance 1 1616.58 2956.83 14930 960.63 82.56
Pivot 1611.92 2946.67 14906 955.67 82.30
Support 1 1608.58 2939.33 14884 952.53 82.13
Support 2 1603.92 2929.17 14860 947.57 81.87
Support 3 1600.58 2921.83 14838 944.43 81.69
Contract June Gold July Silver June Crude Oil June Bonds June Euro
Resistance 3 1491.8 2492.7 99.36 147 31/32 1.3218
Resistance 2 1485.1 2467.3 98.26 147 20/32 1.3181
Resistance 1 1477.2 2432.7 97.04 147 4/32 1.3129
Pivot 1470.5 2407.3 95.94 146 25/32 1.3092
Support 1 1462.6 2372.7 94.72 146 9/32 1.3040
Support 2 1455.9 2347.3 93.62 145 30/32 1.3003
Support 3 1448.0 2312.7 92.40 145 14/32 1.2951
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 658.0 712.3 1395.50 415.87 49.97
Resistance 2 652.5 710.4 1389.75 412.53 49.71
Resistance 1 644.5 706.6 1379.50 406.87 49.23
Pivot 639.0 704.7 1373.75 403.53 48.97
Support 1 631.0 700.8 1363.5 397.9 48.5
Support 2 625.5 698.9 1357.75 394.53 48.23
Support 3 617.5 695.1 1347.50 388.87 47.75
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:15pm Currency Impact Detail Actual Forecast Previous Graph
TueMay 7  2:45am EUR French Industrial Production m/m -0.2% 0.7%
EUR French Gov Budget Balance -27.1B
EUR French Trade Balance -5.3B -6.0B
6:00am EUR German Factory Orders m/m -0.4% 2.3%
10:00am USD IBD/TIPP Economic Optimism 47.1 46.2
3:00pm USD Consumer Credit m/m 16.2B 18.1B
4:00pm USD Treasury Sec Lew Speaks

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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