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.

Quick Links: Commissions | Day Margins | Contact Us
Open An Account
Free Demo Account Subscribe Here

Trading Levels and Economic Reports for April 4, 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 Thursday April 4, 2013

Hello Traders,

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

I mentioned yesterday :So far most selling in stock index futures are met with volume buying at lower levels. I wish I had an idea of how long this would last….but I don’t. What can change the dynamics are the few employment reports we have this week. Starting with tomorrow ADP report, Thursday weekly report and non-farm payroll ( the big report) this

Friday.

It seems that this morning ADP report but actually more so ISM actually gave stock index a lower break for the first time in a while.

 

I am sharing with you daily chart of mini Russell for your review and possible support/ resistance levels.

 

mini russell daily chart

 

New Trading Hours for Grain Futures Starting April 8,2013

Posted on by Ilan

New Trading Hours for Grain Futures Starting April 8,2013

 

Sunday to Friday: CME Globex trading from 7:00 p.m. to 7:45 a.m. CT
Monday to Friday: Break in CME Globex trading from 7:45 a.m. to 8:30 a.m. CT
Monday to Friday: Floor and CME Globex trading from 8:30 a.m. to 1:15 p.m. CT
Mini-sized Grains trades til 1:45 p.m. CT

 

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.

Trading Levels and Economic Reports for April 3, 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 3, 2013

 

Hello Traders,

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

So far most selling in stock index futures are met with volume buying at lower levels. I wish I had an idea of how long this would last….but I don’t. What can change the dynamics are the few employment reports we have this week. Starting with tomorrow ADP report, Thursday weekly report and non-farm payroll (the big report) this
Friday.
Be aware of when the different reports come out and their importance. I post the upcoming reports in this blog and I like using forexfactory.com as a source as well as when I do research about past reports.

 

Trading Levels and Economic Reports for March 28, 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 Thursday March 28, 2013

 

Hello Traders,

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

Globex® / ICE Good FridayHolidaySchedule

(dates and times are subject to change)

The following link will take you to the Globex Good Friday Holiday Schedule, including for CME & CBOT equity products, interest rate & FX products, NYMEX & COMEX products, CBOT, KCBT, grain & agricultural products and others (PDF file):

 

http://www.cmegroup.com/tools-information/holiday-calendar/files/2013-good-friday.pdf

 

The following link will take you to the ICE Good Friday Holiday Schedule, including for the Dollar Index, Russell Indexes, CRB Index, as well as others (PDF file):

 

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

 

Continue reading “Trading Levels and Economic Reports for March 28, 2013”

Good Friday Futures Trading Schedule

Posted on by Ilan

Globex® / ICE Good FridayHolidaySchedule

(dates and times are subject to change)

The following link will take you to the Globex Good Friday Holiday Schedule, including for CME & CBOT equity products, interest rate & FX products, NYMEX & COMEX products, CBOT, KCBT, grain & agricultural products and others (PDF file):

 

http://www.cmegroup.com/tools-information/holiday-calendar/files/2013-good-friday.pdf

 

The following link will take you to the ICE Good Friday Holiday Schedule, including for the Dollar Index, Russell Indexes, CRB Index, as well as others (PDF file):

 

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

 

CME & CBOT Equity Products:

 

  • Thursday, March 28: 4:15 Central Time – Regular close

 

  • Friday, March 29: CME Globex is closed

 

  • Sunday, March 31: 5:00 Central Time – Regular open for trade date Monday, April 1

 

CME & CBOT Interest Rate & FX Products:

 

  • Thursday, March 28: 4:00 Central Time – Regular close

 

  • Friday, March 29: CME Globex is closed

 

  • Sunday, March 31: 5:00 Central Time – Regular open for trade date Monday, April 1

 

 NYMEX & COMEX® Products:

 

  • Thursday, March 28: 4:15 Central Time / 5:15 Eastern Time – Regular close

 

  • Friday, March 29: CME Globex is closed

 

  • Sunday, March 31: 5:00 Central Time / 6:00 Eastern Time – Regular open for trade date Monday, April 1

 

Continue reading “Good Friday Futures Trading Schedule”

Trading Levels and Economic Reports March 27, 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 March 27, 2013

 

Hello Traders,

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

 

 Good reading material, especially if you are new to trading and using a demo account.

 

Trading Levels and Economic Reports for March 26, 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 March 26, 2013

 

Hello Traders,

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

The mental part of trading and especially day-trading is so big!….
So many ways one can make a mistake.

Here are just a few…

Doubling down
Revenge trading
Not placing a stop when you normally do
Setting up daily target profits and daily loss limits and then not following it….

and the list goes on and on.

I think the biggest battle, once one has a method he or she feels comfortable and confident with is to follow one of the simplest, oldest rules in our business:

“Plan your trade, trade your plan”

On a different note, Happy Passover !

 

 

 


Also please like us on Facebook!!

Continue reading “Trading Levels and Economic Reports for March 26, 2013”

Trading Levels and Economic Reports for March 22, 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 March 22, 2013

 

Hello Traders,

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

I am noticing a bit more volatility coming back into the stock index futures, which I personally like better for day trading. However with increased volatility, comes increased risk….

When the market is experiencing higher volatility and two sided action, I like to use a couple of indicators i created over the last few years and apply them to renko charts, which I use sierra charts/ ATcharts for.

below is a good example from todays session.  The chart below is for the June mini SP, using renko chart.

Mini S&P 15 minute renko chart

 

If you like more information or to try some of my day trading templates, please reply below:1. Are you currently trading futures?2. Charting software you use?3. If you use sierra or ATcharts, please let me know the user name so I can enable you

4. Markets you currently trading?

 

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.  NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.  IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

 

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT.  IN ADDITION, HYPOTHETICAL TRADING DOES NO INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING.  FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS.  THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS


Also please like us on Facebook!!

Trading Levels and Economic Reports for March 21, 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 Thursday March 21, 2013

 

Hello Traders,

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

 

The markets’ reaction to today’s FOMC meeting was one of the most uneventful I have seen in a while.

Not much to share with you today, except a small point to ponder: What is one of the key differences between good day traders and bad day traders?

It is not the ability to win. Most of us know very well how to win and when your trading goes well, you’re in a rhythm and things flow nicely.  Rather, it is the ability to accept a loss.  It is the ability to understand that losses are part of trading.  Along the same lines, you need to be aware that no one trade or one trading day makes you or breaks you.  It’s much easier said then done but try to embed, accept and practice.


Also please like us on Facebook!!

Continue reading “Trading Levels and Economic Reports for March 21, 2013”

FOMC + Trading Levels and Economic Reports for March 20, 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 March 20, 2013

 

Hello Traders,

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

 

The FOMC interest rate decision is due at 14:00 ET in the US tomorrow (Wednesday, March 20th).

 

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 1525.00 with a stop at 1519.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1519.75 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

 


Also please like us on Facebook!!

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.