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 Friday May 2, 2014
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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|Contract June 2014||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|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|
|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|
|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|
|8:30am||USD||Non-Farm Employment Change||216K||192K|
|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.