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Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

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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 Friday May 2, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!



Monthly unemployment numbers tomorrow at 8:30 Am EST.

Definitely a market mover news release.



For most traders, I recommend staying out, letting the smoke clear before trying to trade – unless you feel like being a gambler or your strategy is built around big news events.


Some more experienced and more capitalized traders will sometime try to “play” big news events by placing sell orders quite a bit above the market and placing buy orders quite a bit below the market, looking for the market to get out of “norm” and then return to balance. For me personally too much risk and the moves can be too fast but then again each of us is different in terms of trading personality, trading capital, trading experience  and risk tolerance…..


Below is a 1 minute chart of the mini SP from the last monthly unemployment numbers as a reference. Was not as volatile as previous reports but still 11 full points of swings in the first few minutes of trading.





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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.

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Futures Trading Levels

Contract June 2014  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1894.75 3639.67 16614 1157.17 79.76
Resistance 2 1888.75 3622.58 16575 1144.83 79.68
Resistance 1 1883.50 3604.67 16533 1134.37 79.63
Pivot 1877.50 3587.58 16494 1122.03 79.56
Support 1 1872.25 3569.67 16452 1111.57 79.51
Support 2 1866.25 3552.58 16413 1099.23 79.43
Support 3 1861.00 3534.67 16371 1088.77 79.38
Contract June Gold July Silver June Crude Oil June Bonds  June Euro
Resistance 3 1308.5 1987.0 101.10 137  7/32 1.3907
Resistance 2 1300.8 1956.0 100.50 136 18/32 1.3897
Resistance 1 1292.8 1930.5 99.95 136  2/32 1.3881
Pivot 1285.1 1899.5 99.35 135 13/32 1.3871
Support 1 1277.1 1874.0 98.80 134 29/32 1.3855
Support 2 1269.4 1843.0 98.20 134  8/32 1.3845
Support 3 1261.4 1817.5 97.65 133 24/32 1.3829
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 522.9 718.0 1532.33 505.77 42.04
Resistance 2 519.3 715.8 1517.67 499.63 41.85
Resistance 1 513.2 711.5 1489.33 488.17 41.50
Pivot 509.6 709.3 1474.67 482.03 41.31
Support 1 503.4 705.0 1446.3 470.6 41.0
Support 2 499.8 702.8 1431.67 464.43 40.77
Support 3 493.7 698.5 1403.33 452.97 40.42
5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:07pm Currency Impact Detail Actual Forecast Previous Graph
FriMay 2  3:15am EUR Spanish Manufacturing PMI 53.2 52.8
3:45am EUR Italian Manufacturing PMI 53.0 52.4
4:00am EUR Final Manufacturing PMI 53.3 53.3
5:00am EUR Unemployment Rate 11.9% 11.9%
8:30am USD Non-Farm Employment Change 216K 192K
USD Unemployment Rate 6.6% 6.7%
USD Average Hourly Earnings m/m 0.2% 0.0%
10:00am USD Factory Orders m/m 1.5% 1.6%

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.

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