Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5.Economic Report for February 10, 2012
1. Market Commentary
Hello Traders,
Hope everyone had a good start for their week.
Below is a daily chart of the Mini Nasdaq 100.
Its been almost a straight line up BUT notice how the open interest is increasing and volume is actually declining….Sometimes that can be a sign that a strong correction may happen.
I would NOT try to fight the current uptrend but if I see this market breaking below 2530 over the next couple of days, I would feel stronger about the short side for a correction.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (Dec. 2011) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance Level 3 | 1360.27 | 2598.33 | 12913 | 835.10 |
| Resistance Level 2 | 1355.38 | 2585.67 | 12880 | 829.60 |
| Resistance Level 1 | 1352.57 | 2576.33 | 12857 | 826.30 |
| Pivot Point | 1347.68 | 2563.67 | 12824 | 820.80 |
| Support Level 1 | 1344.87 | 2554.33 | 12801 | 817.50 |
| Support Level 2 | 1339.98 | 2541.67 | 12768 | 812.00 |
| Support Level 3 | 1337.17 | 2532.33 | 12745 | 808.70 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | April. Gold | March Euro | Feb. Crude Oil | March. Bonds |
| Resistance Level 3 | 1751.9 | 1.3354 | 103.12 | 144 11/32 |
| Resistance Level 2 | 1743.6 | 1.3319 | 102.02 | 143 22/32 |
| Resistance Level 1 | 1734.2 | 1.3258 | 101.30 | 143 5/32 |
| Pivot Point | 1725.9 | 1.3223 | 100.20 | 142 16/32 |
| Support Level 1 | 1716.5 | 1.3162 | 99.48 | 141 31/32 |
| Support Level 2 | 1708.2 | 1.3127 | 98.38 | 141 10/32 |
| Support Level 3 | 1698.8 | 1.3066 | 97.66 | 140 25/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | March Corn | March Wheat | March Beans | March. Silver |
| Resistance Level 3 | 652.0 | 655.7 | 1277.67 | 3458.5 |
| Resistance Level 2 | 647.5 | 649.1 | 1266.33 | 3431.0 |
| Resistance Level 1 | 643.5 | 645.2 | 1259.17 | 3400.5 |
| Pivot Point | 639.0 | 638.6 | 1247.83 | 3373.0 |
| Support Level 1 | 635.0 | 634.7 | 1240.7 | 3342.5 |
| Support Level 2 | 630.5 | 628.1 | 1229.33 | 3315.0 |
| Support Level 3 | 626.5 | 624.2 | 1222.17 | 3284.5 |
5. Economic Reports
German ZEW Economic Sentiment
5:00am
Industrial Production
5:00am
ZEW Economic Sentiment
5:00am
Core Retail Sales
8:30am
Retail Sales
8:30am
Import Prices
8:30am
Business Inventories
10:00am
Treasury Sec Geithner Speaks
10:00am
FOMC Member Lockhart Speaks
5:40pm