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 March 1, 2016
For 2016 I would like to wish all of you discipline and patience in your trading!
So as many of you know the ICE exchange has decided to charge all users (professionals and non professional) $110 per month to receive real-time data. This is compared to the CME which charges $86 for professionals (brokers, hedge funds etc.) but a “normal amount of $5 to retail users ( i.e. large percent of the trading public). If you ask me not a bright move on the part of the ICE exchange and they may see volume drop quite a bit on certain markets.
In between, I have more than a few clients who are trading the mini Russell 2000 and like it, but are not so sure about paying $110 per month for the privilege to trade this one….While ICE also hosts coffee, sugar, dollar index and a few other markets, the mini Russell is so far the one that caught most interest.
I did some homework and while the CME does offer the mini Russell 1000, the volume on this one, so far is pathetic….(I think it traded 83 contracts on Friday). HOWEVER….the CME for the same $5 per month most users pay to trade the ES and NQ along with currencies, also has the mid cap 400. Symbol is EMD on the Transactand Shogun platforms as well as E-futures International.
Not bad volume, same tick size as mini Russell 2000 and from the quick research seems to move in similar ways. Worth exploring, perhaps using in demo mode or simply following price movement as the ICE change will go in effect April 1st.
If you are curious about possible substitutes for different ICE markets you are trading or simply need some feedback – this is what we are here for. Feel free to contact your broker or any of us if you are not a client and we will be happy to assist.
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 March 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Apr. Gold||May Silver||Apr. Crude Oil||June Bonds||March Euro|
|Resistance 3||1274.2||15.38||36.09||165 17/32||1.1050|
|Resistance 2||1258.0||15.16||35.04||165 7/32||1.1008|
|Resistance 1||1248.7||15.04||34.43||164 27/32||1.0946|
|Support 1||1223.2||14.71||32.77||164 5/32||1.0842|
|Support 2||1207.0||14.49||31.72||163 27/32||1.0800|
|Support 3||1197.7||14.37||31.11||163 15/32||1.0738|
|Contract||May Corn||May Wheat||May Beans||May SoyMeal||April Nat Gas|
|TueMar 1||3:15am||EUR||Spanish Manufacturing PMI||54.3||55.4|
|3:45am||EUR||Italian Manufacturing PMI||52.2||53.2|
|3:50am||EUR||French Final Manufacturing PMI||50.3||50.3|
|3:55am||EUR||German Unemployment Change||-10K||-20K|
|EUR||German Final Manufacturing PMI||50.2||50.2|
|4:00am||EUR||Final Manufacturing PMI||51.0||51.0|
|EUR||Italian Monthly Unemployment Rate||11.3%||11.4%|
|9:45am||USD||Final Manufacturing PMI||51.0||51.0|
|10:00am||USD||ISM Manufacturing PMI||48.5||48.2|
|USD||Construction Spending m/m||0.5%||0.1%|
|USD||ISM Manufacturing Prices||35.5||33.5|
|All Day||USD||Total Vehicle Sales||17.6M||17.6M|
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 judgement in trading.