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No Trade is Better Than a Bad Trade | Support and Resistance Levels

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

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

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