New Highs for S&P, Futures Levels & Economic Reports 11.14.2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 Thursday November 14, 2013
Hello Traders,
For 2013 I would like to wish all of you discipline and patience in your trading!
New highs on the SP500…..
I have drawn the extensions in the chart below last week…will be interesting to see if price respects those levels or not…I guess we can find out as early as tomorrow….
EP – E-Mini S&P 500, Equalized Active Daily Continuation
On a different note:
- My opinion is that there are 3 main types of trading days.
- Most common is two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought /oversold indicators.
- Strong trending day, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend.
- Slow and/ or choppy trading day – this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in.
- Good question is how can one asses what type of trading day we will have while the market is still trading….I am doing some work about it and will be happy to hear feedback via email but here are some initial observations:
- Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session ( primary session is when the cash/ stock market is open).
- Mondays have the highest chance for trending days.
- The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
- If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.
- low volume during first 30 minutes can suggest a choppy (type 3 trading day).
GOOD TRADING
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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.
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| Contract Dec. 2013 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1811.33 | 3493.83 | 16001 | 1137.20 | 81.66 |
| Resistance 2 | 1795.17 | 3449.67 | 15892 | 1124.10 | 81.51 |
| Resistance 1 | 1786.58 | 3426.58 | 15831 | 1116.90 | 81.25 |
| Pivot | 1770.42 | 3382.42 | 15722 | 1103.80 | 81.09 |
| Support 1 | 1761.83 | 3359.33 | 15661 | 1096.60 | 80.83 |
| Support 2 | 1745.67 | 3315.17 | 15552 | 1083.50 | 80.68 |
| Support 3 | 1737.08 | 3292.08 | 15491 | 1076.30 | 80.42 |
| Contract | Dec. Gold | Dec. Silver | Dec. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1294.9 | 2122.8 | 96.19 | 132 23/32 | 1.3574 |
| Resistance 2 | 1287.3 | 2104.2 | 95.36 | 132 12/32 | 1.3523 |
| Resistance 1 | 1280.1 | 2078.3 | 94.58 | 132 3/32 | 1.3493 |
| Pivot | 1272.5 | 2059.7 | 93.75 | 131 24/32 | 1.3442 |
| Support 1 | 1265.3 | 2033.8 | 92.97 | 131 15/32 | 1.3412 |
| Support 2 | 1257.7 | 2015.2 | 92.14 | 131 4/32 | 1.3361 |
| Support 3 | 1250.5 | 1989.3 | 91.36 | 130 27/32 | 1.3331 |
| Contract | Dec Corn | Dec. Wheat | Jan .Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 438.2 | 646.2 | 1324.67 | 435.77 | 41.26 |
| Resistance 2 | 436.1 | 645.8 | 1320.33 | 432.23 | 41.15 |
| Resistance 1 | 432.9 | 645.7 | 1317.67 | 427.77 | 41.06 |
| Pivot | 430.8 | 645.3 | 1313.33 | 424.23 | 40.95 |
| Support 1 | 427.7 | 645.2 | 1310.7 | 419.8 | 40.9 |
| Support 2 | 425.6 | 644.8 | 1306.33 | 416.23 | 40.75 |
| Support 3 | 422.4 | 644.7 | 1303.67 | 411.77 | 40.66 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:02pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuNov 14 | 1:30am | EUR | French Prelim GDP q/q | 0.1% | 0.5% | ||||
| 2:00am | EUR | German Prelim GDP q/q | 0.3% | 0.7% | |||||
| 2:45am | EUR | French Prelim Non-Farm Payrolls q/q | -0.1% | -0.2% | |||||
| EUR | French CPI m/m | 0.0% | -0.2% | ||||||
| 4:00am | EUR | ECB Monthly Bulletin | |||||||
| EUR | Italian Prelim GDP q/q | -0.2% | -0.3% | ||||||
| 5:00am | EUR | Flash GDP q/q | 0.2% | 0.3% | |||||
| All Day | EUR | Eurogroup Meetings | |||||||
| 8:30am | USD | Trade Balance | -38.7B | -38.8B | |||||
| USD | Unemployment Claims | 331K | 336K | ||||||
| USD | Prelim Nonfarm Productivity q/q | 1.3% | 2.3% | ||||||
| USD | Prelim Unit Labor Costs q/q | 1.1% | 0.0% | ||||||
| 10:00am | USD | Fed Chairperson-Designate Yellen Testifies | |||||||
| 10:30am | USD | Natural Gas Storage | 21B | 35B | |||||
| 11:00am | USD | Crude Oil Inventories | 0.7M | 1.6M | |||||
| 1:01pm | USD | 30-y Bond Auction | 3.76|2.6 |
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 herein 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.
