Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday May 3, 2012
Hello Traders
I was thinking of what I can share with you today and I really didn’t have any valuable thoughts to share and that’s when I remembered that sometimes clients tell me they took a trade when there is really no trade to take BECAUSE…
They felt they “must” take a trade…
because if they didn’t take a trade , they were not doing their job as a trader…
Because they were bored….
and the list goes on…
I think that a big, big part of trading is mental. there many different methods to lose and make money…..but in order to make any method/ approach work, one needs DISCIPLINE and PATIENCE and if you are a day-trader especially, sometimes not taking a trade is the right decision and is more important than where to enter, the stop, targets etc.
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.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (June 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell | Dollar Index |
| Resistance 3 | 1410.83 | 2767.17 | 13317 | 833.77 | 79.94 |
| Resistance 2 | 1405.07 | 2749.33 | 13268 | 825.53 | 79.67 |
| Resistance 1 | 1401.53 | 2738.67 | 13237 | 820.97 | 79.44 |
| Pivot | 1395.77 | 2720.83 | 13188 | 812.73 | 79.17 |
| Support 1 | 1392.23 | 2710.17 | 13157 | 808.17 | 78.94 |
| Support 2 | 1386.47 | 2692.33 | 13108 | 799.93 | 78.67 |
| Support 3 | 1382.93 | 2681.67 | 13077 | 795.37 | 78.44 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 1681.2 | 1.3348 | 107.09 | 144 18/32 |
| Resistance 2 | 1672.5 | 1.3296 | 106.57 | 143 27/32 |
| Resistance 1 | 1663.3 | 1.3227 | 105.95 | 143 12/32 |
| Pivot | 1654.6 | 1.3175 | 105.43 | 142 21/32 |
| Support 1 | 1645.4 | 1.3106 | 104.81 | 142 6/32 |
| Support 2 | 1636.7 | 1.3054 | 104.29 | 141 15/32 |
| Support 3 | 1627.5 | 1.2985 | 103.67 | 141 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | July Corn | July Wheat | July Beans | July Silver |
| Resistance 3 | 640.7 | 655.5 | 1536.17 | 3166.3 |
| Resistance 2 | 634.3 | 646.5 | 1524.33 | 3136.2 |
| Resistance 1 | 622.9 | 630.5 | 1504.67 | 3101.3 |
| Pivot | 616.6 | 621.5 | 1492.83 | 3071.2 |
| Support 1 | 605.2 | 605.5 | 1473.2 | 3036.3 |
| Support 2 | 598.8 | 596.5 | 1461.33 | 3006.2 |
| Support 3 | 587.4 | 580.5 | 1441.67 | 2971.3 |
5. Economic Reports
5:00am EUR
PPI m/m
Tentative EUR
French 10-y Bond Auction
7:30am USD
Challenger Job Cuts y/y
7:45am EUR
Minimum Bid Rate
8:30am EUR
ECB Press Conference
8:30am USD
Unemployment Claims
8:30am USD
Prelim Nonfarm Productivity q/q
8:30am USD
Prelim Unit Labor Costs q/q
10:00am USD
ISM Non-Manufacturing PMI
10:30am USD
Natural Gas Storage
11:00am USD
FOMC member Williams Speaks
1:00pm USD
FOMC Member Lockhart Speaks