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Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

NQ vs ES & Memorial Day Trading Schedule

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Debt Ceiling, FOMC Minutes & Stocks – NQ vs the ES?

Ilan Levy-Mayer

 

Recently, we have listened to quite a bit of noise regarding the debt ceiling and the possible effect on the economy and the stock market. It is my personal opinion that a resolution will be reached and at that point we may see stocks going higher. Although it‚Äôs hard to tell and no one can predict the future, from technical perspective I’m looking at the NQ chart (E-mini Nasdaq 100) and the ES chart (E-mini S&P 500) and I feel that the NASDAQ 100 is stronger than the S&P 500.¬†Hence I would look for a possible spread between the two indexes.

In terms of a possible futures spread, I think a good ratio may be 2:3 ‚Äď either with two LONG E-mini Nasdaq vs. three SHORT E-mini S&P 500, or two LONG Micro E-mini Nasdaq vs. two SHORT Micro E-mini S&P 500.¬†This is based on recent price levels, volatility and trend.

Below you will see a daily chart of both markets and levels to watch for.

See chart and read the rest HERE

 

Plan your trade and trade your plan. 

 

Memorial Day 2023 Futures Trading Schedule

Memorial Day 2023 Futures Trading Schedule

 

 

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 when it comes to Futures Trading.

Futures Trading Levels

for 05-26-2023

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

Economic Reports, Source: 

Forexfactory.com

 

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 judgement in trading.

Tags: > > > > > > > > > > > > > > > > > > > > Posted in: Charts & Indicators   | Day Trading   | Future Trading News   | Index Futures   | Indices   | S&P 500  

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  • Using Bollinger Bands and Parabolics
  • Using range Bars for Day-Trading
  • The concept of Price Confirmation
  • How to Use Support & Resistance Levels
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