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High Volatility This Week and 8 Steps to Successful Futures Trading | Support and Resistance Levels

In this post:

1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart
4. Download “8 Steps to Successful Futures Trading”
5. Economic Reports
6. Earnings Releases

1. Market Commentary

Wow, what a day in the metals segment and what a week in general. Fits perfectly what I wrote the last few days:

ALWAYS EXPECT THE UNEXPECTED! When volatility skyrockets like now, moves become extreme, the speed of the market really picks up and this is when one must adjust their trading size lower to accommodate for the wilder and wider moves.

My 15 min mini SP chart below for your review ,clients who attend my daily live charts program had access to this chart in real-time, along with the signals generated.



Contract (Sept. 2011) SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1157.67 2301.75 11113 682.17
Resistance 2 1146.58 2256.00 10944 667.33
Resistance 1 1136.67 2225.50 10807 657.77
Pivot 1125.58 2179.75 10638 642.93
Support 1 1115.67 2149.25 10501 633.37
Support 2 1104.58 2103.50 10332 618.53
Support 3 1094.67 2073.00 10195 608.97


Contract Dec. Gold Dec. Euro Nov. Crude Oil Dec. Bonds
Resistance 3 1766.6 1.3718 86.39 147 25/32
Resistance 2 1735.8 1.3641 84.10 147 7/32
Resistance 1 1693.4 1.3569 82.13 145 26/32
Pivot 1662.6 1.3492 79.84 145 8/32
Support 1 1620.2 1.3420 77.87 143 27/32
Support 2 1589.4 1.3343 75.58 143 9/32
Support 3 1547.0 1.3271 73.61 141 28/32

3. 15 min Mini S&P 500 Futures Chart from September 23, 2011

Today’s mini SP 15 min chart:

15 min Mini S&P 500 Futures Chart from September 23, 2011

4. Download “8 Steps to Successful Futures Trading

Have a great weekend. Need some trading related reading material for the weekend? (-: In this article, Ilan Levy Mayer, Vice President of Cannon Trading, shares with you 8 of the most important concepts involved in the day trading of futures. Here is a sample for your review:

My name is Ilan Levy-Mayer and I am the Vice President and Senior Futures Broker at Cannon Trading. I came up with the following personal observations after serving online traders worldwide for more than 11 years.

The following steps are guides to progress, and are not necessarily in sequential order. Some of them are always required, but each futures trader is different and will relate to these stages in their own ways. While attempting to learn and progress, one must keep in mind that futures trading is risky and can involve significant losses.

1. Education

Hopefully if you are already trading you have completed your initial education: contract specs, trading hours, futures brokers, platforms, the opportunities as well as the risk and need to use risk capital in futures, and so on. Understanding this information is essential to futures trading. The second type of education is ongoing: learning about trading techniques, the evolution of futures markets, different trading tools, and more.

2. Find a System

I am definitely not advising you to go on the web and subscribe to a “black box” system (using buy/sell triggers if don’t know why they are being generated). What I am advising is developing a trading technique: a general set of rules and a trading concept. As you progress, you may want to put the different rules and indicators into a computerized system, but the most important factor is to have a focus and a plan. Don’t just wake up in the morning and trade “blank.”

3. Survival

This is the key! Do what you need to do in order to survive this brutal business and give yourself the chance of being here down the road with more experience and a better chance of success. Survival is probably the biggest key for beginning traders. There is a saying in this business: “live to trade another day.” It is so true!

Read the rest of “8 Steps to Successful Futures 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.

5. Economic Reports for Monday September 26, 2011

FOMC Member Raskin Speaks

New Home Sales

Economics Report Source:

6. Earnings Releases

ELITE B.CO Aarhus Elite A/S Q4 2010/11 Arhus Elite A/S Earnings Release n/a n/a n/a 23-Sep
AMSC American Superconductor Corp Q4 2010 & Q1 2011 American Superconductor Corp Earnings Release n/a n/a n/a 23-Sep BMO
ABTX.L Aquabounty Technologies Inc Interim 2011 Aquabounty Technologies Inc Earnings Release n/a n/a n/a 23-Sep BMO
CGM.PA Cegedim SA Q2 2011 Cegedim SA Earnings Release n/a n/a n/a 23-Sep AMC
CADC China Advanced Construction Materials Group Inc Q4 2011 China Advanced Construction Materials Group Inc Earnings Release $ 0.20 n/a $ 0.30 23-Sep BMO
CONX.PK Corgenix Medical Corp Q4 2011 Corgenix Medical Corp Earnings Release n/a n/a n/a 23-Sep
Tags: > Posted in: Futures Trading  

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