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 Thursday May 31, 2012
Hello Traders,
Heads up traders! front month for bonds, ten years and other financials is now September.
Front month for gold is August.
June is still front month for indices and currencies.
Mini Russell daily chart for your review below. An attempt to rally off the lows fizzled today and tomorrow can provide some clues for future direction. Tomorrow being the last day in May will provide some longer term traders with a fresh look at the weekly and monthly charts, so the close tomorrow may be significant.
Close below 760 may suggest new lows to follow, close above 780 may signal continued bounce higher.
Trade with patience, trade with discipline and good trading to all.
Daily chart of the mini Russell 2000 Index for your review below for your review:
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 | 1330.40 | 2573.67 | 12536 | 789.40 | 83.96 |
| Resistance 2 | 1325.45 | 2559.33 | 12498 | 783.30 | 83.57 |
| Resistance 1 | 1319.10 | 2549.67 | 12456 | 772.30 | 83.35 |
| Pivot | 1314.15 | 2535.33 | 12418 | 766.20 | 82.96 |
| Support 1 | 1307.80 | 2525.67 | 12376 | 755.20 | 82.75 |
| Support 2 | 1302.85 | 2511.33 | 12338 | 749.10 | 82.36 |
| Support 3 | 1296.50 | 2501.67 | 12296 | 738.10 | 82.14 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Aug Gold | June Euro | July Crude Oil | Sept. Bonds | |
| Resistance 3 | 1619.2 | 1.2588 | 93.39 | 152 8/32 | |
| Resistance 2 | 1595.1 | 1.2541 | 92.16 | 150 24/32 | |
| Resistance 1 | 1580.3 | 1.2456 | 89.82 | 149 30/32 | |
| Pivot | 1556.2 | 1.2409 | 88.59 | 148 14/32 | |
| Support 1 | 1541.4 | 1.2324 | 86.25 | 147 20/32 | |
| Support 2 | 1517.3 | 1.2277 | 85.02 | 146 4/32 | |
| Support 3 | 1502.5 | 1.2192 | 82.68 | 145 10/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver | |
| Resistance 3 | 574.9 | 661.2 | 1393.17 | 2903.5 | |
| Resistance 2 | 570.8 | 657.6 | 1386.08 | 2859.0 | |
| Resistance 1 | 565.2 | 655.7 | 1379.67 | 2824.5 | |
| Pivot | 561.1 | 652.1 | 1372.58 | 2780.0 | |
| Support 1 | 555.4 | 650.2 | 1366.2 | 2745.5 | |
| Support 2 | 551.3 | 646.6 | 1359.08 | 2701.0 | |
| Support 3 | 545.7 | 644.7 | 1352.67 | 2666.5 |
5. Economic Reports
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
2:00am
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