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 Tuesday June 16, 2015
For 2015 I would like to wish all of you discipline and patience in your trading!
Grain Complex Post USDA Report
If you are not familiar with this one, let me give you an abbreviated version:
An old grain trader was on his deathbed. He calls his family and let them know that the most valuable inheritance is in this strange box. After he passes away, the family rushes to the box wondering if there are gold coins or jewelry…instead, they found an old piece of paper that had some date in there. One of the dates was “buy wheat, July 1st, sell wheat September 10th.” No one knows if the family members made a fortune or lost money following this advice, but it is there to point out some seasonality in the grain complex.
Well, we are getting closer to this date, and I have noticed a bit of a bottom formation, perhaps a start of a leg up or perhaps just short covering in the grain complex. Before the report, my inclination was that we are still range bound, and that both markets and the complex as a whole need to break resistance above (marked on the charts).
Daily charts of both wheat and soybeans future contracts below for your review.
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|Contract Sept. 2015||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Aug. Gold||July Silver||July Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1211.5||16.69||61.41||153 7/32||1.1441|
|Resistance 2||1200.9||16.46||60.70||152 16/32||1.1375|
|Resistance 1||1193.2||16.26||60.16||151 19/32||1.1336|
|Support 1||1174.9||15.84||58.91||149 31/32||1.1231|
|Support 2||1164.3||15.61||58.20||149 8/32||1.1165|
|Support 3||1156.6||15.41||57.66||148 11/32||1.1126|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July Nat Gas|
|TueJun 16||2:00am||EUR||German Final CPI m/m||0.1%||0.1%|
|Tentative||EUR||European Court of Justice Ruling|
|5:00am||EUR||German ZEW Economic Sentiment||37.5||41.9|
|EUR||ZEW Economic Sentiment||60.3||61.2|
|EUR||Employment Change q/q||0.1%||0.1%|
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.