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 and Economic Reports for April 23, 2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 23, 2013

Hello Traders,

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

To get a little bit longer term picture, I am sharing my mini SP 500 weekly chart with you. The way I view this chart is that failure to break above 1585 can signal medium term exhaustion of buying and can trigger a visit of 1507. But again…this is just my personal view based on the weekly chart and I have been wrong before, that’s for sure.

 

mini sp 500 weekly chart

 

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.

Futures Trading Levels and Economic Reports for April 19, 2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 19, 2013

Hello Traders,

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

 

On a different note this time.

 

I get asked by many clients as to which charting software I use/ recommend.

 

I really like CQG and share my CQG charts many times on this blog, however CQG is a premium product that is mostly used by professionals and institutions. For the retail client I find sierra charts to be an amazing package! It offers so many studies, customization, ease of use and much more.

Not just that, if you are a client of Cannon trading who uses the AT software, you can get sierracharts for free as long as you trade 10 contracts per month. otherwise it is $15.95 per month.

 

Here is a quick screen shot I took today of sierra chart. If you like a free trial, please visit us or email me back.

 

mini S&P 5 minute chart

 

Futures Trading Levels and Economic Reports for April 18,2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 18, 2013

Hello Traders,

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

The higher volatility in stock index futures continued today as well. If one looks at the ATR ( avg. True range) in the daily chart below, you can see how the daily ranges have expanded over the past few days.

PERSONALLY, I like it. I prefer day-trading futures when there is a bit more range and volatility but then again every trader is different and one must know what risks and opporunities different market enviroments present.

 

As far as market outlook, almost a flip of a coin at the time I am writing this but my speculation leans towards lower prices, especially if we can break 1534.

 

mini sp daily chart

 

 

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.

 

Futures Trading Levels

Contract June 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1598.00 2893.17 14877 943.27 84.02
Resistance 2 1583.75 2861.83 14784 931.83 83.42
Resistance 1 1566.50 2820.92 14680 918.17 83.09
Pivot 1552.25 2789.58 14587 906.73 82.49
Support 1 1535.00 2748.67 14483 893.07 82.17
Support 2 1520.75 2717.33 14390 881.63 81.57
Support 3 1503.50 2676.42 14286 867.97 81.24
Contract June Gold May Silver May Crude Oil June Bonds  June Euro
Resistance 3 1421.3 2457.8 91.62 149 26/32 1.3360
Resistance 2 1408.3 2415.2 90.35 149  7/32 1.3282
Resistance 1 1391.1 2368.8 88.59 148 19/32 1.3161
Pivot 1378.1 2326.2 87.32 148 1.3083
Support 1 1360.9 2279.8 85.56 147 12/32 1.2962
Support 2 1347.9 2237.2 84.29 146 25/32 1.2884
Support 3 1330.7 2190.8 82.53 146  5/32 1.2763
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 647.8 716.2 1408.00 408.80 50.78
Resistance 2 645.9 713.1 1398.00 405.10 50.22
Resistance 1 643.6 710.2 1389.00 402.20 49.83
Pivot 641.7 707.1 1379.00 398.50 49.27
Support 1 639.3 704.2 1370.0 395.6 48.9
Support 2 637.4 701.1 1360.00 391.90 48.32
Support 3 635.1 698.2 1351.00 389.00 47.93
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 3:51pm Currency Impact Detail Actual Forecast Previous Graph
ThuApr 18 Tentative EUR Spanish 10-y Bond Auction 4.48|2.1
8:30am USD Unemployment Claims 349K 346K
10:00am USD Philly Fed Manufacturing Index 2.7 2.0
USD CB Leading Index m/m 0.1% 0.5%
10:30am USD Natural Gas Storage 35B -14B
Day 1 ALL G20 Meetings
12:00pm USD FOMC Member Raskin Speaks

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 herein 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 judgment in trading

Futures Trading Levels and Economic Reports for April 17, 2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 18, 2013

Hello Traders,

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

 

Where do I look and when do I pay attention?

By: Justin Smith, Cannon Trading Commodities Broker

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Every trader has done it. You’ve done it, your friends have done it, even your broker has done it at one point early in their career.

Here’s the scenario:

You’ve finally finished your futures education at Cannon Trading Company. You’ve done you’re homework on stops, limits, indicators and price movements for the market you’re trading. You’re ready to go, you enter your limit order and you wait.

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**DING**

You get filled. Your heart rate picks up, a wry smile crosses your face and you begin to imagine the possibilities of the one trade you’re in: How much can I make? How much can I lose before it’s too much? You’ve waited through months of technical trading and deep meditation to get here, and now it’s finally paying off with one of your first trades in the live market. Sayonara paper trading; aloha live futures.

Then, all of a sudden…...continue reading

 

Futures Trading Levels and Economic Reports for April 16,2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 16, 2013

Hello Traders,

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

Some extreme volatility in the markets to start the week. Historical price moves in gold and silver as well as big moves in crude oil as well as stock indices.

I have been mentioning over the past few weeks that the volatility cycle, which has been very low is due to move into higher volatility. It seems from the action in the markets that this may be the start.

My opinion is that if you are a day-trader you need to understand that we are starting a higher volatility period. I recommend adjusting accordingly and I think the wise thing to do is lower the number of contracts you buy/sell per trade and be aware of the higher time frames on the charts.

Be prepared for wider swings which may require wider stops and probably being a little more selective on entry points.

Weekly chart of the June SP500 mini below for your review. I think that 1543 and 1524 stick out as near term important levels.

 

 weekly mini sp 500 chart

 

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.

 

Futures Trading Levels

Contract June 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1609.00 2896.17 14990 968.00 82.98
Resistance 2 1596.00 2873.58 14894 953.90 82.76
Resistance 1 1572.50 2834.92 14723 929.30 82.62
Pivot 1559.50 2812.33 14627 915.20 82.41
Support 1 1536.00 2773.67 14456 890.60 82.27
Support 2 1523.00 2751.08 14360 876.50 82.05
Support 3 1499.50 2712.42 14189 851.90 81.91
Contract June Gold May Silver May Crude Oil June Bonds  June Euro
Resistance 3 1599.4 2835.8 93.20 149 22/32 1.3172
Resistance 2 1547.2 2720.2 92.09 149 1.3143
Resistance 1 1452.9 2504.3 90.08 148 18/32 1.3093
Pivot 1400.7 2388.7 88.97 147 28/32 1.3064
Support 1 1306.4 2172.8 86.96 147 14/32 1.3014
Support 2 1254.2 2057.2 85.85 146 24/32 1.2985
Support 3 1159.9 1841.3 83.84 146 10/32 1.2935
Contract May Corn May Wheat May Beans May SoyMeal May bean Oil
Resistance 3 661.2 714.2 1433.00 409.13 50.11
Resistance 2 657.6 708.6 1425.00 405.57 49.71
Resistance 1 652.2 701.2 1410.00 399.43 48.94
Pivot 648.6 695.6 1402.00 395.87 48.54
Support 1 643.2 688.2 1387.0 389.7 47.8
Support 2 639.6 682.6 1379.00 386.17 47.37
Support 3 634.2 675.2 1364.00 380.03 46.60
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:00pm Currency Impact Detail Actual Forecast Previous Graph
TueApr 16  4:00am EUR Italian Trade Balance -1.41B -1.62B
5:00am EUR German ZEW Economic Sentiment 41.5 48.5
EUR CPI y/y 1.7% 1.7%
EUR Core CPI y/y 1.4% 1.3%
EUR ZEW Economic Sentiment 31.5 33.4
8:00am USD FOMC Member Dudley Speaks
8:30am USD Building Permits 0.94M 0.94M
USD Core CPI m/m 0.2% 0.2%
USD CPI m/m 0.0% 0.7%
USD Housing Starts 0.93M 0.92M
9:00am EUR ECB President Draghi Speaks
9:15am USD Capacity Utilization Rate 78.4% 79.6%
USD Industrial Production m/m 0.3% 0.7%
10:00am USD Treasury Sec Lew Speaks
12:00pm USD FOMC Member Duke Speaks
3:00pm USD FOMC Member Yellen Speaks
USD Treasury Sec Lew Speaks

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 herein 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 judgment in trading

Futures Trading Levels and Economic Reports for April 12, 2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 12, 2013

Hello Traders,

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

 

Not much to write today but two excellent articles about trading which you can read at:

https://www.cannontrading.com/community/man-vs-markets-futures-trading-blog

Futures Trading Levels and Economic Reports for April 11, 2013

Posted on by Ilan

 

Jump to a section in this post:

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 April 11, 2013

Hello Traders,

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

 

Daily Price Limit Methodology Now Effective 
Implemented Monday, April 8, 2013

Changes to the daily price limit methodology for CME and CBOT equity index futures went into effect Monday, April 8, 2013, in coordination with rollout of Market Wide Circuit Breaker changes in the underlying cash equity market. These changes were deferred from an earlier planned rollout date on February 4.

As previously announced, Market Wide Circuit Breakers, or trading halts, for cash equity markets are now determined by declines in the S&P 500 Index (vs. the Dow Jones Industrial Average). Trading halt levels are as follows:

 

Levels as of
April 8, 2013

Effective Hours of 
Levels as of April 8, 2013
Level 1

7%

8:30 a.m. CT – 3:00 p.m. CT
Level 2

13%
Level 3

20%
Overnight

5%

3:00 p.m. CT – 4:15 p.m. CT;
5:00 p.m. CT – 8:30 a.m. CT

 

In addition, we have coordinated the following changes to CME and CBOT stock index futures’ daily price limits methodology with the rule changes in the underlying markets:

  • Implementation of daily price limits on stock index futures contracts (switching from the quarterly price limits currently used)
  • Application of daily price limits each day starting at 5:00 p.m. CT.
  • Reference price for daily price limits for the next trade date based on the 3:00 p.m. CT futures price:
    • Width of the equity index futures price limit band is based on the underlying cash equity index closing value.
    • Daily stock index futures price limits are published on the CME Group website prior to the CME Globex open at 5:00 p.m. CT.

For more information, visit cmegroup.com/eqpricelimits

 

Continue reading “Futures Trading Levels and Economic Reports for April 11, 2013”

Futures Trading Levels and Economic Reports for April 10, 2013

Posted on by Ilan

 

Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday April 10, 2013

Hello Traders,

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

This is the third time that SP futures touched against that 1568-1569 level. We backed down a few points before the close but I think it is important to see how we open tomorrow morning. If we can climb above 1570 then in my opinion we have good chances of visiting 1587 in the next few days or so. On the flip side, failure to do so for the third time can result in a much more meaningful sell off.

 

Daily chart of the mini SP 500 futures for your review below:

 

daily mini sp 500 chart

 

Continue reading “Futures Trading Levels and Economic Reports for April 10, 2013”

Futures Trading Levels and Economic Reports for April 9, 2013

Posted on by Ilan

 

Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Tuesday April 9, 2013

Hello Traders,

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

I am getting excellent feedback on the daily email, information and trading levels and I appreciate it!

 

I would like to ask you for a small favor in return….
If you are a member on Elite trader and/ or use google plus –
Please take a moment to write a positive review on our services/ firm at:
http://www.elitetrader.com/br/?action=view&R_FirmID=229
https://plus.google.com/104474120507024800084/about

 

 

On a different note, earnings season is starting today and will play a role in the intraday moves/ overnight moves of stock index futures.

 

Trading Levels and Economic Reports for April 5, 2013

Posted on by Ilan

 

Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Friday April 5, 2013

Hello Traders,

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

Monthly unemployment report tomorrow or as we call it non farm payroll.

 

The report comes out at 7:30 AM central and is usually a market mover and increases volatility for the rest of the session.

 

 

Source Bureau of Labor Statistics (latest release)
Measures Percentage of the total work force that is unemployed and actively seeking employment during the previous month;
Usual Effect Actual < Forecast = Good for currency;
Frequency Released monthly, usually on the first Friday after the month ends;
Next Release May 3, 2013
Why Traders
Care		 Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions;
Also Called Jobless Rate;

 

Continue reading “Trading Levels and Economic Reports for April 5, 2013”

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.