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 Wednesday July 22, 2015
For 2015 I would like to wish all of you discipline and patience in your trading!
Gold sold off in a big way Sunday night (July 20th trading session) following a weak close right on support levels the prior week.
News came out that a big bullion dealer from China sold a very large amount of bullion in a matter of 2 minutes, sending gold prices down to 1080 for a short period of time before bouncing back up.
From what I understand, China holds quite a bit of physical gold and that leaves the door open for additional sales in the future.
To read my trade idea along with the chart view please visit:
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|Contract Sept. 2015||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Aug. Gold||Sept. Silver||Sept. Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1118.8||15.24||52.85||154 13/32||1.1166|
|Resistance 2||1113.8||15.09||52.13||153 14/32||1.1072|
|Resistance 1||1105.9||14.93||51.52||152 29/32||1.1009|
|Support 1||1093.0||14.61||50.19||151 13/32||1.0852|
|Support 2||1088.0||14.46||49.47||150 14/32||1.0758|
|Support 3||1080.1||14.30||48.86||149 29/32||1.0695|
|Contract||Dec. Corn||Sept. Wheat||Nov Beans||Dec. SoyMeal||Aug Nat Gas|
|WedJul 22||5:00am||EUR||Italian Retail Sales m/m||0.1%||0.7%|
|10:00am||USD||Existing Home Sales||5.40M||5.35M|
|10:30am||USD||Crude Oil Inventories||-1.7M||-4.3M|
|Tentative||EUR||Greek Gov Debt Crisis Vote|
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 here in 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.