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.

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Futures Trading Levels & Economic Reports 6.25.2014

Posted on by Ilan

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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 Wednesday June 25, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

I got burnt the last few years looking at the short side of stock index futures. Stocks have been going up and up and up…. Yet I cannot resist sharing my view that today MAY have been a reversal day for the SP 500. I will still need to see price action tomorrow in order to get a confirmation but the fact that we made new highs, then went ahead and reversed lower to take out last two days lows and closed on the lower range of the day – for me that is a bearish sign. To be upfront, I have gotten a few signals like this the last 2-3 years and none materialized to more than a small correction at best….

Time will tell if this set up is different or not and if I get any of my indicators to provide a sell signal I will update you. Until then I will take it one day at a time, one trade at a time and make sure that I am planning my trade based on the time frame I am trading and act accordingly, i.e. even if I think that medium term is bearish ( few days to few weeks)  but I am day trading, using tick or range bars ( talking minutes/ hours), one must make sure that they have an objective stand and read what is and what one would like it to be.

 

 

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NFA news about Vision Financial Markets, LLC & Economic Reports 6.24.2014

Posted on by Ilan

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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 Tuesday June 24, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

Some industry news to share with you:

NFA bars Connecticut futures commission merchant Vision Financial Markets LLC, Virginia commodity trading advisor Ace Investment Strategists LLC and its principal, Yu-Dee Chang from membership

June 20, Chicago – National Futures Association (NFA) has effectively barredVision Financial Markets LLC (Vision), a futures commission merchant Member of NFA, and Ace Investment Strategists LLC, a commodity trading advisor Member of NFA from membership. NFA also has barred Ace’s principal, Yu-Dee Chang (Chang), and Chesapeake Investment Services, Inc., an introducing broker of which he is a principal, from membership. In addition, Vision has paid approximately $2 million in customer restitution and will pay a $1.5 million fine to NFA.

In September 2013, NFA’s Business Conduct Committee filed Complaints against Vision, Ace and Chang. The Complaints charged Ace with misappropriation of customer funds related to trade allocations. The Complaints also charged Vision with facilitating Ace’s actions. The Complaint states that this activity took place over a three-year period, and that Vision was in a position to detect and stop the abuses.

As stated in NFA’s Complaint, Vision has had a long history of supervisory issues during its tenure as an NFA Member. It has been the subject of four prior NFA Complaints – three of which charged the firm with failing to diligently supervise various aspects of the firm’s operations.

Vision’s owners, Robert Boshnack and Howard Rothman, were not named in the September 2013 Complaint and have announced their intentions to form a new FCM called High Ridge Futures LLC (High Ridge). If High Ridge applies for membership, NFA will conduct a thorough fitness examination. If the firm becomes registered, NFA will ensure that any customer who inquires about High Ridge through NFA’s BASIC system will be provided with information about all of Vision’s disciplinary actions.

Click the corresponding link for the complete text of the Complaint andDecision against Vision.

Click the corresponding link for the complete text of the Complaint andDecision against Ace and Chang.

 

 

While Vision client’s segregated funds are not affected by this to the best of my knowledge, I wanted to remind our clients and prospects that Cannon is an INDEPENDENT introducing broker and we offer a choice of a few FCM’s.

 

If you are currently trading through Vision and looking for a new house, we do offer Ninja Trader along with multiple datafeeds.

 

We offer almost any platform in the industry including a few free ones.

 

Feel free to visit our website and contact us with any questions or if you need help transferring your account.

 

 

If you like the information we share? We would appreciate your positive reviews on our new yelp!! Continue reading “NFA news about Vision Financial Markets, LLC & Economic Reports 6.24.2014”

E-Mini S&P Daily Chart & Economic Reports 6.20.2014

Posted on by Ilan

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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 Friday June 20, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

I was asked to share my daily chart based on the September contract which is the front month.

Here is the daily chart of the Sept. mini SP 500 for your review, along with indicators I like to watch and possible levels. Notice that other than a couple of “small red dots” ( which are small sell signal based on Bollinger bands) I have not gotten a sell signal on this market since beginning of January this year!! This market is over extended but I think patience is a virtue especially when a market is making all time highs…..

818

 

 

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Volatile Reaction/Market Action to FOMC & Economic Reports 6.19.2014

Posted on by Ilan

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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 June 19, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

Volatile reaction/ market action to FOMC. More than I expected to be honest.

I always find the day after FOMC to be more revealing about the short/medium term trend, so will be interesting to watch market action tomorrow.

In between remember that September is now FRONT month for all indices/ currencies/ financials.

Remember money management can be more important than reading market direction and you can have a successful trading day even if it ended up being in the red, as long as you followed your rules and stayed discipline. Sometimes you can do everything right and still lose, it’s called trading…..

 

 

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FOMC Interest Rate Decision tomorrow & Economic Reports 6.18.2014

Posted on by Ilan

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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 Wednesday June 18, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

FRONT MONTH for stock index futures and currencies is now SEPTEMBER.

A quick analysis I did for investing.com about crude oil futures at:

http://www.investing.com/analysis/is-crude-oil-breaking-higher-216227

 

 

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow ( Wednesday, June 18th ).

 

FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.

 

if you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market.

 

The following are suggestions on trading during FOMC days:

 

  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1925.00 with a stop at 1919.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1919.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • This is another great example why a trading journal would be an asset, as you can go back and check your notes from previous FOMC days.
  • Be patient and be disciplined

 

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Futures Webinar Video & Economic Reports 6.17.2014

Posted on by Ilan

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Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Tuesday June 17, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

FRONT MONTH for stock index futures and currencies is now SEPTEMBER.

Make sure you are trading the September contract.

Recording of a webinar I presented as a guest speaker last week, focusing on money mgmt, psychology of trading and a few more tips related to the concept of risk and money mgmt can be found at:

http://www.youtube.com/watch?v=xLYMkzHWXCQ&list=UUwgKEiLibhM3JEEtXL3HEtA

 

 

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Rollover for Futures Mini Indices & Economic Reports 6.13.2014

Posted on by Ilan

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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 Friday June 13, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

FRONT MONTH for stock index futures and currencies is now SEPTEMBER.

Make sure you are trading the September contract.

I was asked this morning, “what futures markets would you recommend a newcomer to start with?”

 

While the answer will vary based on perspective trader risk capital, risk tolerance, personality etc. I do think that there are a few markets that might be a better start for first time futures day trader.

 

I personally would say, leave the mini SP alone. Yes it has the biggest volume but there is quite a bit of size on the bid/ask that may make this frustrating for new traders.

My favorite markets to share with first time traders are:

 

mini Dow

ten year notes

and

mini crude/ mini gold

 

The mini Dow moves similar to mini SP but the value per point/tick is smaller, still has good volume but not as hard to get filled on the limits as the mini SP.

 

The 10 year notes are usually less volatile than the other markets mentioned. Completely different type of trading personality and offer a good diversification option for new traders and experienced traders and they trade in halves, so each tick is $15.625 versus each tick of the 30 years which is worth $31.25.

 

The mini gold and mini crude are another good option because it is the smaller contract size of two markets that can really move, offer volatility and RISK but the availability of the mini sized contracts make these two a better option for beginners until one has experience / risk capital and appetite for the standard contract sizes of gold and crude oil.

 

 

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Futures Webinar Invite + Roll Over Notice & Economic Reports 6.12.2014

Posted on by Ilan

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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 June 12, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

ROLLOVER NOTICE:

Important notice: For those of you trading any stock index futures contracts, i.e., the E-mini S&P, E-mini NASDAQ, E-mini Dow Jones, the “Big” pit-traded S&P 500, etc., it is extremely important to remember that tomorrow, Thursday, March13th, is rollover day.

Starting June12th, the September 2014 futures contracts will be the front month contracts. It is recommended that all new positions be placed in the September 2014 contract as of June 12th. Volume in the June 2014 contracts will begin to drop off until its expiration on Friday June 20th.

 

The month code for September is U4.

 

Traders with electronic trading software should make sure that defaults reflect the proper contract as of Thursday morning.

 

Please close any open June Currency positions by the close on Friday the 13th.Should you have any further question please contact your broker.

PERSONALLY I start trading the Sept. contract Friday but proper rollover is tomorrow.

WEBINAR REMINDER:

 

We are extremely excited to be participating in the TradingPub’s Trade-A-Thon this Thursday!  The event will feature 13 professional traders in every market under the sun.
Ilan Levy-Mayer of Cannon Trading is going to present from 11:30 AM-12:45 PM EST by educating traders based on his 16 years experience. Ilan will share his unique approach into day trading money management, talk about positive trading psychology and share what he thinks might be the best $4.99 you can spend on trading tools…..

 

Tap Here to Secure Your Spot (Includes Recording)

 

The Event will also feature:

  • Specific outline for creating a day trading risk module
  • How to create positive trading psychology
  • Tips from a broker who observed 1000’s of traders
  • Why most traders lose?
  • Free trial to cannon’s newest trading platform Shogun Trade Executer

 

REGISTER FOR THE TRADE-A-THON and Recording HERE

 

SEATS ARE LIMITED, SO DON’T MISS THIS SPECIAL FREE WEBINAR!

 

Risk: 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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Crude Oil & Gold Futures Information & Economic Reports 6.11.2014

Posted on by Ilan

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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 Wednesday June 11, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

Once again we are witnessing lower volume, lower volatility as stock indices are hanging around their all time highs….

I know that for me personally, this type of environment would be hard to day trade, hence the reason I am sharing with you a piece I wrote before about other markets to consider for day trading:

Crude Oil and Gold futures.

 

More than a few similarities between the two markets.

They are both volatile, can move VERY fast. I have seen some very large moves happen in matter of minutes if not seconds. The “fear & greed” factor really plays a role in these specific two markets.

Both have active trading hours starting with Far East trading around 10 PM est all the way to the next morning until about 3 PM est. Good volume generally speaking but not close to the mini SP or ten year notes. So you may see some slippage on stops but the volume is more than enough to trade size.

Each tick on gold is $10, so every dollar move =$100 against you or in your favor. Crude is similar, each tick = $10. One full $1 move = $1000.

Both markets were quiet today relatively speaking but even on a quiet day, the range on gold was $13 or = $1300 wide using one futures contract. Crude ranges today was  than $1.08 or about $1080 between hi/lo.

I like using overbought/ oversold indicators on the two markets as well as using range / Renko charts.

 

If you like the information we share? We would appreciate your positive reviews on our new yelp!! Continue reading “Crude Oil & Gold Futures Information & Economic Reports 6.11.2014”

Day Trading Money Mgmt, Positive Trading psychology and trading tips 6.10.2014

Posted on by Ilan

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

Like us on FacebookFollow us on TwitterView our profile on LinkedInFind us on Google+Cannon Trading Futures Trading Resistance & Support Levels and Economic ReportsFind us on Yelp

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 Tuesday June 10, 2014

Hello Traders,

For 2014 I would like to wish all of you discipline and patience in your trading!

 

Day Trading Money Mgmt, Positive Trading psychology and trading tips from a 16 years veteran

 

We are extremely excited to be participating in the TradingPub’s Trade-A-Thon this Thursday!  The event will feature 13 professional traders in every market under the sun.
Ilan Levy-Mayer of Cannon Trading is going to present from 11:30 AM-12:45 PM EST by educating traders based on his 16 years experience. Ilan will share his unique approach into day trading money management, talk about positive trading psychology and share what he thinks might be the best $4.99 you can spend on trading tools…..

 

Tap Here to Secure Your Spot (Includes Recording)

 

The Event will also feature:

  • Specific outline for creating a day trading risk module
  • How to create positive trading psychology
  • Tips from a broker who observed 1000’s of traders
  • Why most traders lose?
  • Free trial to cannon’s newest trading platform Shogun Trade Executer

 

REGISTER FOR THE TRADE-A-THON and Recording HERE

 

SEATS ARE LIMITED, SO DON’T MISS THIS SPECIAL FREE WEBINAR!

 

Risk: 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 the information we share? We would appreciate your positive reviews on our new yelp!! Continue reading “Day Trading Money Mgmt, Positive Trading psychology and trading tips 6.10.2014”

RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.