Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5. Economic Reports for Monday, December 12, 2011
1. Market Commentary and Daily Mini S&P 500 Chart
Front month for equity indices is MARCH 2012
mini SP, mini Nasdaq, mini Russell, Mini Dow and few more are all March 2012
Symbol in most platforms for March mini SP is ESH2. Pay attention please!
One day FOMC meeting tomorrow. Statement will be released around 2:15 PM EST
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.
My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. However, with tomorrow early morning reports and recent volatility, we may see wild action through out.
One advice everyone can benefit from is, reduce your trading size in proportion to the increase in volatility. This should help your comfort level while in the day-trade.
Daily chart of March Mini SP 500 for your review below. Break below 1217 can trigger additional move down, break above 1255 can trigger additional move upside:
Continue reading “Daily Chart of the March Mini SP 500 and Support and Resistance Levels”
