Cannon Trading Blog

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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 August 6, 2013

Hello Traders,

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

Extremely low volume on stock index futures. Some of this may have to do with the summer vacations, perhaps some has to do with the fact that we are trading at new highs? To be honest I am not sure and will do some research to find out what kind of volume the actual stocks/ NYSE are having.

Overall, market making new highs on low volume does not give me much confidence in the long side. In between the intra day ranges are tight and volatility is low. I know that many of you are mini SP 500 traders, ES. However, keep your mind open to other markets as well like mini Russell (usually has more volatility than the ES), crude oil and gold futures as well as currency futures and 30 year bonds.

Each market has different personality, different behavior along with different times of the day when it is most active. If you are finding that the ES is not giving you enough risk/opportunities then start monitoring a couple of other markets and perhaps explore them in demo / simulated mode.

I will be happy to share feedback and answer questions via email or phone.

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

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 August 2, 2013

Hello Traders,

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

As happened more than a few times in the past, the real direction/ reaction to the FOMC comes the following day and the reaction this time was a 21+ point rally on the SP500.

Tomorrow we have monthly unemployment along with a few other reports here in the US and in Europe that can either confirm this rally or cool off the recent surge in buying – either way I expect some volatility tomorrow.

Below is a daily chart of the mini SP500 with some potential Fibonacci extensions. Next key level on the way up is 1710 and key support or possible “trend changing level” is 1676.

I wish all of you successful, patient and disciplined trading during the month of August!

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

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 August 1, 2013

Hello Traders,

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

FOMC came and gone and we actually saw some of the “good old volatility FOMC days use to hav” which to me was nice since as daytraders we need the volatility and ranges or what I call the double edge sword.

Below you will see a screen shot of my intraday mini SP 500 chart with my proprietary ALGORITHM I call DIAMONDS. This algo works well on volatile, two sided days but not as well on strong trending days as it tries to predict turning points:

Continue reading “Futures Trading Levels and Economic Reports for August 1, 2013”

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

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 July 31, 2013

Hello Traders,

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

I was working with one of my clients today, trying to provide some feedback and possible different angles to add for his day-trading.

He is a crude trader mostly and I gave him a few ideas and the main one I would like to share today is adding different type of charts to your arsenal if you are a short term trader.

Mostly I am referring to tick charts, volume charts, range charts and renko charts.

The main advantage of using these type of charts versus lets say a 10 minute chart, is that if there is action/ volume/ price movement in the market, the bars will complete faster, hence generating a signal faster rather than you waiting for 10 minute bar to complete. Also when the market is slow, not much price or volume action, the bars will complete slower and will not generate a signal simply because time has passed.

I recommend looking at 15 minute charts and then as you go lower in time frame, add range or tick charts as the “lower time frame”.
I will be more than happy to expand on this topic in upcoming posts or answer questions you may have via email.

An example of a crude oil range chart from today for your review below:

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

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 July 30, 2013

Hello Traders,

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

Earning season is in full speed and we are seeing a little bit more volatility in stock index futures but not much to be honest. In addition, this last few weeks mark some of the lowest volume I have personally seen in markets like the mini SP 500 futures.

Below is a daily chart of the mini Russell 2000. Many lines, somehow of a confusing chart maybe but the bottom line is that 1027 area is the first support we need to see violated before the markets can make a more significant move lower.

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