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 December 17, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
Busy week ahead! Many diff. reports coming out this week with FOMC decision this Wednesday.
We saw some volatility in the overnight session on the SP 500 but very tight range once the cash market opened.
As far as market outlook, we are at a junction again, like we were back on Nov. 8th when the market declined for a bit and then made a new low only to close much higher. We saw similar action today ( I circled both today’s and Nov. 8th ). The big question is if new highs are awaiting or is this is just a bounce. I think answers will come by the end of the week ( might be too late, I wish we knew the answer in advance) but for now I am treating this market as a very wide decision channel between today’s lows at 1754 and recent high at 1805.75 basis the March contract.
Chart for your review below:
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