New Highs for S&P, Futures Levels & Economic Reports 11.14.2013

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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

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.

 

  1. 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.
  2. 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.
  3. 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:
    1. 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).
    2. Mondays have the highest chance for trending days.
    3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
    4. If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.
    5. low volume during first 30 minutes can suggest a choppy (type 3 trading day).

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.

If you like this Newsletter, feel free to forward to a friend!

 

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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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels

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
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

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.

 

Tags: > > Posted in: Future Trading News   | Futures Trading  

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