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 Wednesday March 2, 2016
For 2016 I would like to wish all of you discipline and patience in your trading!
I have written in the past about the importance of keeping a trading journal.
Many benefits for doing so. From the mental / emotional aspect to the bottom line of keeping notes on market behavior which you can use down the road.
A good example is trading on the last trading day of the month ( example for me is that I dont run one of my systems for bonds on the last trading day of the month). Another example is behavior of markets ( look at stock index futures) on the first trading day of the month.
I think part of the reason for the unique market action ( not always but quite often) during these two days is the activity of large traders, CTA’s who need to report monthly performance, institutions who may need to establish longer term positions on the first of the month etc.
Either way, keep notes, do your homework by looking back at charts for the markets you trade and trade well!
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||1266.6||15.43||36.37||167 21/32||1.0958|
|Resistance 2||1257.9||15.27||35.56||166 16/32||1.0928|
|Resistance 1||1245.0||15.07||34.98||164 15/32||1.0898|
|Support 1||1223.4||14.71||33.59||161 9/32||1.0838|
|Support 2||1214.7||14.55||32.78||160 4/32||1.0808|
|Support 3||1201.8||14.35||32.20||158 3/32||1.0778|
|Contract||May Corn||May Wheat||May Beans||May SoyMeal||April Nat Gas|
|WedMar 2||3:00am||EUR||Spanish Unemployment Change||0.2K||57.2K|
|GBP||MPC Member Broadbent Speaks|
|8:15am||USD||ADP Non-Farm Employment Change||185K||205K|
|9:00am||GBP||MPC Member Cunliffe Speaks|
|10:30am||USD||Crude Oil Inventories||3.5M|
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.