Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Tuesday May 23, 2012
Good ranges on many markets I follow intra day, which most day-traders look for.
As I said many times before , volatility and wide ranges can be a double edge sword….
Below you will see an hourly chart of the mini SP 500 along with some potential Elliott Wave targets for either pull backs or continued bounce.
Trade with patience, trade with discipline and good trading to all.
Hourly chart of Mini S&P 500 below for your review:
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 June 2012||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||June Euro||July Crude Oil||June Bonds|
|Resistance 3||1620.6||1.2942||94.89||147 23/32|
|Resistance 2||1607.5||1.2880||94.09||147 13/32|
|Resistance 1||1587.2||1.2782||92.79||147 9/32|
|Support 1||1553.8||1.2622||90.69||146 27/32|
|Support 2||1540.7||1.2560||89.89||146 17/32|
|Support 3||1520.4||1.2462||88.59||146 13/32|
|Contract||July Corn||July Wheat||July Beans||July Silver|
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!
Industrial New Orders m/m
EU Economic Summit
New Home Sales
Crude Oil Inventories