Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
For 2014 I would like to wish all of you discipline and patience in your trading!
Nice bounce on stock index futures after the lows we made Thursday night.
So far the market has respect to the symmetry I am sharing below and the current bounce should test 1951 if continues OR test 1913 if selling pressure resumes. These are the levels I will be watching as in between we have enough room for intraday fluctuations. Volume today was light and action took place mostly in the first few hours. August is know to be the “month of vacations” over at Europe.
Mini SP 500 daily chart for your review below:
In between the Geo political focus will be on the situation in Iraq and the concerning issue of the Islamic group known as ISIS.
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. Past performance is not indicative to future results.
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Futures Trading Levels
|Contract Sept. 2014||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||December Gold||Sept.Silver||Sept. Crude Oil||September Bonds||Sept. Euro|
|Resistance 3||1319.8||20.4||99.79||140 3/32||1.3432|
|Resistance 2||1316.4||20.3||99.18||139 27/32||1.3421|
|Resistance 1||1313.3||20.2||98.58||139 19/32||1.3404|
|Support 1||1306.8||19.9||97.37||139 3/32||1.3376|
|Support 2||1303.4||19.7||96.76||138 27/32||1.3365|
|Support 3||1300.3||19.6||96.16||138 19/32||1.3348|
|Contract||Dec Corn||Sept. Wheat||Nov. Beans||Dec. SoyMeal||Dec. bean Oil|
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 judgment in trading.