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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 Thursday October 31, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
So FOMC came and gone and like I said many times before, many times the real reaction comes the next day.
Which way, I am not sure but I am sharing a daily chart of the mini Dow futures where I see either potential for double top if we hold below today’s high OR potential for a break above and move towards the next FIBONACCI extension as seen on the chart.
As always in our business….time will tell, which brings me to a different point I would like to share:
My thoughts are as follow, there is probably 65% chance this market will try to make a new high and break today’s high ( in my opinion), however, I think that is we make a new high it will not be that much further than were we at now. While I think there is better chances for a move up, I think that if we do make a move down, there are HIGHER probabilities for a larger move downside than a larger move to the upside….hope this make sense. Based on this personal view of mine, I will look for a short set up with relatively small stop in hopes to catch the next big wave down. it may take a few attempts on my end but I like the risk / reward of this set up and hope that by sharing the thought process I gave you an idea on another approach for trading.
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GOOD TRADING
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| Contract Dec. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1791.92 | 3435.25 | 15823 | 1140.53 | 80.52 |
| Resistance 2 | 1782.58 | 3418.50 | 15750 | 1131.77 | 80.25 |
| Resistance 1 | 1770.42 | 3397.75 | 15655 | 1117.83 | 80.03 |
| Pivot | 1761.08 | 3381.00 | 15582 | 1109.07 | 79.76 |
| Support 1 | 1748.92 | 3360.25 | 15487 | 1095.13 | 79.54 |
| Support 2 | 1739.58 | 3343.50 | 15414 | 1086.37 | 79.27 |
| Support 3 | 1727.42 | 3322.75 | 15319 | 1072.43 | 79.05 |
| Contract | Dec. Gold | Dec. Silver | Dec. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1382.0 | 2376.8 | 98.75 | 136 20/32 | 1.3870 |
| Resistance 2 | 1370.8 | 2343.2 | 98.28 | 136 6/32 | 1.3829 |
| Resistance 1 | 1356.9 | 2306.3 | 97.52 | 135 16/32 | 1.3780 |
| Pivot | 1345.7 | 2272.7 | 97.05 | 135 2/32 | 1.3739 |
| Support 1 | 1331.8 | 2235.8 | 96.29 | 134 12/32 | 1.3690 |
| Support 2 | 1320.6 | 2202.2 | 95.82 | 133 30/32 | 1.3649 |
| Support 3 | 1306.7 | 2165.3 | 95.06 | 133 8/32 | 1.3600 |
| Contract | Dec Corn | Dec. Wheat | Jan .Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 438.3 | 681.9 | 1285.33 | 418.70 | 42.31 |
| Resistance 2 | 436.4 | 680.3 | 1282.17 | 416.60 | 42.11 |
| Resistance 1 | 433.3 | 677.7 | 1279.33 | 414.20 | 41.86 |
| Pivot | 431.4 | 676.1 | 1276.17 | 412.10 | 41.66 |
| Support 1 | 428.3 | 673.4 | 1273.3 | 409.7 | 41.4 |
| Support 2 | 426.4 | 671.8 | 1270.17 | 407.60 | 41.21 |
| Support 3 | 423.3 | 669.2 | 1267.33 | 405.20 | 40.96 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:19pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuOct 31 | 3:00am | EUR | German Retail Sales m/m | 0.5% | -0.2% | ||||
| EUR | GfK German Consumer Climate | 7.3 | 7.1 | ||||||
| EUR | German Import Prices m/m | 0.2% | 0.1% | ||||||
| 3:45am | EUR | French Consumer Spending m/m | 0.2% | -0.4% | |||||
| 5:00am | EUR | Italian Monthly Unemployment Rate | 12.4% | 12.2% | |||||
| 6:00am | EUR | CPI Flash Estimate y/y | 1.1% | 1.1% | |||||
| EUR | Unemployment Rate | 12.0% | 12.0% | ||||||
| EUR | Italian Prelim CPI m/m | 0.4% | -0.3% | ||||||
| 7:30am | USD | Challenger Job Cuts y/y | 19.1% | ||||||
| 8:30am | USD | Unemployment Claims | 341K | 350K | |||||
| 9:00am | USD | Treasury Sec Lew Speaks | |||||||
| 9:45am | USD | Chicago PMI | 55.1 | 55.7 | |||||
| 10:30am | USD | Natural Gas Storage | 35B | 87B |
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