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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.

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

Hello Traders,

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:

mini sp hourly

GOOD 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.

 

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index

Contract June 2012 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1343.77 2599.67 12663 783.07 83.00
Resistance 2 1335.13 2580.33 12607 776.23 82.47
Resistance 1 1325.07 2559.67 12543 767.47 82.15
Pivot 1316.43 2540.33 12487 760.63 81.62
Support 1 1306.37 2519.67 12423 751.87 81.31
Support 2 1297.73 2500.33 12367 745.03 80.78
Support 3 1287.67 2479.67 12303 736.27 80.46

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

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
Pivot 1574.1 1.2720 91.99 146 31/32
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

 

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract July Corn July Wheat July Beans July Silver
Resistance 3 651.3 711.0 1448.00 2947.5
Resistance 2 640.2 705.5 1432.75 2912.5
Resistance 1 618.6 695.5 1407.50 2862.5
Pivot 607.4 690.0 1392.25 2827.5
Support 1 585.8 680.0 1367.0 2777.5
Support 2 574.7 674.5 1351.75 2742.5
Support 3 553.1 664.5 1326.50 2692.5

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!

 

5. Economic Reports

source:http://www.forexfactory.com/calendar.php  All times are Eastern time Zone (EST)

Wed

May 23

 Up Next 4:00am EUR
Current Account
4.7B
-1.3B
Tentative EUR
Industrial New Orders m/m
-0.1%
-1.2%
All Day EUR
EU Economic Summit
10:00am USD
New Home Sales
335K
328K
10:00am USD
HPI m/m
0.4%
0.3%
10:30am USD
Crude Oil Inventories
0.8M
2.1M
Tags: > > > Posted in: Future Trading News   | Future Trading Platform  

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