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.

Mini Russell 2000 Chart, Future Levels & Economic Reports 1.3.2014

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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 January 3, 2014

Hello Traders,

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

 

I hope that the first day of 2014 is an indication of more to come!
Nice volatility, good volume, good movement inn different markets – what most day-traders look for.

I would like to wish all of you a great trading year in 2014 and a healthy, happy year in all aspects of life.

 

Above is a screen shot of the mini Russell 2000 charts from today’s session (Jan 2nd 2014)

The charts are sierra charts and the signals that appear are based on proprietary indicators developed by Ilan Levy-Mayer of LEVEX Capital Mgmt Inc. and VP of Cannon Trading Co, Inc.

The concept is a simple concept that looks for exhaustion in either buying/selling and reversal. The signals that appear on the charts are alerting you for potential buy or sell IF/ONCE price confirmation occurred. Full explanation along with chart samples included in the 23 page PDF booklets that comes with the free trial.

Would you like to have access to the DIAMOND and TOPAZ and 5T ALGOs as shown above and be able to apply for any market and any time frame on your own PC ?   You can now have a three weeks free trial where the ALGO is enabled along with few studies for your own sierra/ ATcharts.  The trial comes with a 23 page PDF booklet which explains the concepts, risks and methodology in more details.

To start your free 3 weeks trial, please send me an email with the following information:

1.  Are you a client of Cannon Trading?

2. Are you currently trading futures?

3. Charting software you use?

4. If you use sierra or ATcharts, please let me know the user name so I can enable you

5. Markets you currently trading? Continue reading “Mini Russell 2000 Chart, Future Levels & Economic Reports 1.3.2014”

New Years 2014 – Futures Trading Schedule

New Year’s Schedule

Tuesday, December 31, 2013

 

CME & CBOT Equity Products

4:15 Central Time, Regular close

CME & CBOT Interest Rate & Currency / FX Products

4:00 Central Time, regular close

NYMEX, COMEX Products

4:15 Central Time, regular close

CBOT, KCBT Grain & Agricultural Products

Regular close per each product schedule

Other CME Group Products

Regular close per each product schedule

ICE Futures US

Softs, Grains. Oilseed & CCI Index & Russell contracts

Regular hours

Fin & Index

12:15 Central Time
Fin Gas, Power & Emissions

1:00 Central Time

 

Wednesday, January 1, 2014

 

CME & CBOT Equity Products

CME & CBOT Interest Rate & FX Products

NYMEX, COMEX Products

CBOT, KCBT Grain & Agricultural Products

New Year’s Day Observed – Globex closed

ICE Futures US
Softs, U.S. Grains and Oilseeds, FOREX, INDEX & FIN Gas Power and Emissions: New Year’s Day Observed – all closed

 

Thursday, January 2, 2014

CME & CBOT Equity Products

5:00 Central Time modified open

CME & CBOT Interest Rate & Currency / FX Products

5:00 Central Time modified open

NYMEX, COMEX Products

Regular open for trade date Thursday, Jan. 2nd : 5:00 P.M. Central Time / 6:00 P.M. Eastern Time

CBOT, KCBT Grain & Agricultural Products

8:30 Central Time grain markets open

Other CME Group Products

9:00 Central Time Lumber Futures & Options

9:05 Central Time Livestock Futures & Options

 

ICE Futures US

Softs, Grains. Oilseed & CCI Index regular open
Fin & Index regular open
Fin Gas, Power & Emissions regular open

For more information, please visit: http://www.cmegroup.com/tools-information/holiday-calendar/files/2014-new-years.pdf

For more information, please visit: https://www.theice.com/marketdata/Calendar.shtml?calendars=Holiday&expirationEnabled=false&calendars=SpecialTradingHours

The above sources were compiled from sources believed to be reliable.  Cannon Trading assumes no responsibility for any errors or omissions.  It is meant as an alert to events that may affect trading strategies and is not necessarily complete.  The closing times for certain contracts may have been rescheduled.

 

Ninja Trader Powered by Zen Fire, Trading Levels & Economic Reports 12.20.2013

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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 Friday December 20, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Ninja and Zen Fire:

A few of our clients contacted us with questions about Zen Fire and Ninja Trader.

It seems that several companies in the industry will NO longer provide Zen Fire as a data feed to Ninja clients. For example, Zen Fire will no longer be available for AMP clients as of Dec. 31st

We are actually EXCITED to announce that we will continue to provide Zen Fire as a data feed to our Ninja clients!

The enhanced ZenFire capabilities delivers the most advanced NinjaTrader user experience in the industry. This will provide our ninja clients with a powerful trading solution.

The update will provide access to new features like server side OCOs, proprietary data distribution to improve performance, seamless connectivity through firewalls, and global network expansion to enhance connectivity in Europe and Asia. More to follow next week.

If you are currently trading on ninja using Zen Fire and your broker will not support Zen Fire soon, please feel free to contact us on how you can continue with Ninja and Zen fire through the award winning service of Cannon trading.

On a different note, it is almost this time of the year! Holiday schedule for Christmas is now posted on our site:

https://www.cannontrading.com/tools/support-resistance-levels/christmas-holiday-futures-trading-schedule-2013/

Continue reading “Ninja Trader Powered by Zen Fire, Trading Levels & Economic Reports 12.20.2013”

Christmas Holiday Futures Trading Schedule 2013

Christmas Schedule

 

Tuesday, December 24, 2013

CME & CBOT Equity Products

12:15 Central Time, early close

CME & CBOT Interest Rate & Currency / FX Products

12:15 Central Time, early close

NYMEX, COMEX Products

12:45 Central Time, early close

Otherwise, as noted:

Palladium: 11:00 Central Time, early close

Copper: 11:00 Central Time, early close

Platinum: 11:05 Central Time, early close

Silver: 11:25 Central Time, early close

Gold: 11:30 Central Time, early close

Energy Products: 12:30 Central Time, early close

CBOT, KCBT Grain & Agricultural Products

CBOT & KCBT: 12:00 Central Time, early close

CBOT Mini – Sized grain: 12:30 Central Time, early close

Other CME Group Products

12:00 Central Time, early close for Lumber

12:15 Central Time, early close for Livestock

ICE Futures US

Softs, Grains. Oilseed & CCI Index

12:00 Central Time

Fin & Index

12:15 Central Time

Fin Gas, Power & Emissions

1:00 Central Time

Wednesday, December 25 2013

CME & CBOT Equity Products: Christmas Day Observed – Globex closed

CME & CBOT Interest Rate & FX Products

NYMEX, COMEX Products

CBOT, KCBT Grain & Agricultural Products

Christmas Day Observed – Globex closed

ICE Futures US

Softs, U.S. Grains and Oilseeds, FOREX, INDEX & FIN Gas Power and Emissions: Christmas Day Observed – all closed

Thursday, December 26, 2013

CME & CBOT Equity Products

5:00 Central Time modified open

CME & CBOT Interest Rate & Currency / FX Products

5:00 Central Time modified open

NYMEX, COMEX Products

Regular open for trade date Thursday, Dec 26: 5:00 P.M. Central Time / 6:00 P.M. Eastern Time

CBOT, KCBT Grain & Agricultural Products

8:30 Central Time grain markets open

Other CME Group Products

9:00 Central Time Lumber Futures & Options

9:05 Central Time Livestock Futures & Options

ICE Futures US

Softs, Grains. Oilseed & CCI Index regular open

Fin & Index regular open

Fin Gas, Power & Emissions regular open

 

More details at: https://www.theice.com/marketdata/Calendar.shtml?calendars=Holiday&expirationEnabled=false&calendars=SpecialTradingHours

The above sources were compiled from sources believed to be reliable.  Cannon Trading assumes no responsibility for any errors or omissions.  It is meant as an alert to events that may affect trading strategies and is not necessarily complete.  The closing times for certain contracts may have been rescheduled.

Mini S&P Hits New Highs & Futures Levels & Economic Reports 12.19.2013

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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 December 19, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

We need your votes!!

I have gotten and getting great feedback from many of you and would appreciate if you can take a couple of seconds to vote at:

 

 

Trader Planet Award

 

Also keep in mind that March is now the front month for stock indices, financials, currencies and grains!
What a wild ride today following the FOMC !!

Two charts for your viewing pleasure….one is an 8 tick range bar of the mini SP. Note it took the market 4 hours to complete the same range ( volume as well) it did in about 2 minutes right after FOMC ( if you read my blog yesterday, you hopefully listened and stayed out of the market during the minutes before and right after as I feel it is a pure gamble) –  so first chart just to demonstrate the volatility after the report.

 

ESh4 2.00 mg #2 E-Mini SP
ESh4 2.00 mg #2 E-Mini SP

Second chart is a daily chart of the March mini SP along with possible levels both above and below.

 

 

EP - E Mini S&P 500, Equalized Active Daily Continuation
EP – E Mini S&P 500, Equalized Active Daily Continuation

Continue reading “Mini S&P Hits New Highs & Futures Levels & Economic Reports 12.19.2013”

Mini S&P Daily Chart, Futures Levels & Economic Reports 12.17.2013

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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 Tuesday December 17, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Busy week ahead! Many diff. reports coming out this week with FOMC decision this Wednesday.

We saw some volatility in the overnight session on the SP 500 but very tight range once the cash market opened.

As far as market outlook, we are at a junction again, like we were back on Nov. 8th when the market declined for a bit and then made a new low only to close much higher. We saw similar action today ( I circled both today’s and Nov. 8th ). The big question is if new highs are awaiting or is this is just a bounce. I think answers will come by the end of the week ( might be too late, I wish we knew the answer in advance) but for now I am treating this market as a very wide decision channel between today’s lows at 1754 and recent high at 1805.75 basis the March contract.

 

Chart for your review below:

EP - E Mini S&P 500, Equalized Active Daily Continuation
EP – E Mini S&P 500, Equalized Active Daily Continuation

3 Risks of Using a Discount Futures Broker

With the advent of technology, the means to communicate clear objectives, or with any human, drives most people to ignore full-service futures brokers. Why? It is a spirit of independence. Computers have created a superhighway of trading, and accelerated the pace at which commodities, stocks, in short the financial market operates. These various methods have raised barriers between clients and full-service brokers, but given rise to- discount futures brokers. In reality, what the future of the financial markets beckons, is a direct and honest appraisal of the quick and easy model, versus the client and broker relationship. If the “Great Recession” taught us all anything, if you are not vigilant, or the means to track your investment, there is an inherent risk.

Knowledge vs. Education

Brain to Understanding is to hat on a head, both are useful, if absolutely used for maximum benefits to create larger profits to debt losses. Most experienced futures brokers understand the full scope of the financial market, and this long range vision gives insight into the behaviors of certain commodities. Conversely, when opting out of choosing a full-service futures broker, you are presented with limited tools, vision and insight.

Vision, in the entrepreneurial sense, is the act or power of anticipating what will come to be. If you are a newcomer, choosing discount futures brokers, may lead to a lack discernment or experience to sell or buy at appropriate times to gain the maximum profit, while minimizing the loss. This vital quality reigns supreme on experienced traders in the financial sector. However, the key to having a strong vision is insight.

Insight varies to vision, in that you see both near and far and eventually the end result of a business decision. Good judgment plays an integral part in evaluating leverage metrics, whether using gold as a hedge, or evident world events that will signal either a sharp decline or increase in the markets.

Overall, vision and insight, help with the learning curve in the futures market. In addition, being green in this market can cost you a great deal of time and money. Adding vision and insight to your expansive market toolbox can aid in shortening common investment mistakes, with the aid of the seasoned futures broker as your guide. Conversely, selecting a discount futures broker, they may not have the ability to reign in your decision making. Bad decisions – loss of profit. Consequently, bucking traditional wisdom, you could lose larger returns, and run into dangerous investment decisions.

Continue reading “3 Risks of Using a Discount Futures Broker”

ROLLOVER + Futures Trading Levels & Economic Reports 12.12.2013

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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 December 12, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Rollover Notice for Stock Index Futures

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, December 12th, is rollover day.

Starting December13th, the March 2014 futures contracts will be the front month contracts. It is recommended that all new positions be placed in the March 2014 contract as of December 13th. Volume in the December 13 contracts will begin to drop off until its expiration on Friday December 20th.

The month code for March is H4.

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

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

Continue reading “ROLLOVER + Futures Trading Levels & Economic Reports 12.12.2013”

Futures Trading Systems, Futures Levels & Economic Reports 12.11.13

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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 Wednesday December 11, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

A quick note about trading systems.

I know most of you are what i consider self directed traders. You like to make your own decisions of when to buy/ sell/ markets etc.

Some of you may have tried different automated trading systems in the past and some may be currently trading some systems. i think that if one has the risk capital and does the due diligence, there are some good systems out there which can be used as diversification to your own trading and/ or as a form of more aggressive investment.

I do want to bring to your attention two trading systems I personally really like and have been impressed with the results.

One is a medium term system/model that works with seasonal spreads. We have clients in this office who been trading these spreads for years and will be more than happy to share additional details for those of you who are interested.

The second is a day trading system that finishes each day flat. It does not trade often, avg of about 2 trades a day. it picks trades from about 20 different futures markets and is offered as auto trade here at cannon trading. Again, I am quite impressed with the results so far and will be happy to share more with interested clients prospects.

Please email me with any questions/ interest on the topic above and I will be happy to assist!

Continue reading “Futures Trading Systems, Futures Levels & Economic Reports 12.11.13”

3 Types of Trading Days, Futures Levels & Economic Reports 12-10-2013

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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 December 10, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 

Extremely low volume today, a little too early for “holiday trading mode” but today’s trading in stock index futures definitely resembled holiday trading. I am pretty convinced that we will see more volatility and volume in the next couple of weeks before reaching Christmas and New year trading weeks.

Although I have shared this piece with you before, i think it is worth sharing again as understanding or trying to predict what type of trading day we will have ahead has big importance on style of trading to be used, level of aggressiveness etc.

  • In my opinion there are 3 main types of trading days.
  1. The most common day are 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 days, 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 days – 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.
  • A good question I’ve been asked is how can one asses what type of trading day we will have while the market is still trading….I have been doing some work in finding the answers 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 of the trading day have good volume, better chances for type 1 or type 2 trading days.
    5. Low volume during the first 30 minutes can suggest a choppy (type 3 trading day)

Continue reading “3 Types of Trading Days, Futures Levels & Economic Reports 12-10-2013”

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