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.
Market is showing weakening signs. We need to hold previous lows of 1037 and rally in order to gain any upside momentum. Break of this level can bring 1000.75 much quicker.
I have a feeling traders will have potential for trades on both sides depending on volatility and pre market GDP report tomorrow.
A chart of the SP 500 CASH INDEX for your review below:
Continue reading “Promising Outlook on Online Futures Trading for August 27th 2010”
Below is a screen shot from today’s “Live Chart” service I provide. If you are interested in 2 weeks free trail,
please visit: https://www.cannontrading.com/tools/intraday-futures-trading-signals
Yesterday I mentioned the following:
Daily chart of the mini Russell, which I consider the leader, for review below. Looks like we may get a test of previous lows and if and then the big question.. do we bounce or do we start a new leg lower:
Well the big question for this point in time is here.. we met the initial target of 1049 and from a technical point of view we are looking at some wide bands. 1049 being pivot line, 1080 being resistance and 1000.75 being major support.
Today I am sharing daily chart of the mini SP 500 for review:
to sign for free trail, visit: https://www.cannontrading.com/tools/intraday-futures-trading-signals
Screen shot from my daily live chart service below. You are more than welcome to try this service for 2 weeks free if you have not had the trial before. Cost of service for cannon trading clients is $119 per month.
During the sharing of live charts (which i provide under LEVEX Capital mgmt. Inc – Commodity Trading Advisor) I share my approach, concept/model for day-trading, my proprietary DIAMOND indicator and general feedback from my experience.
to sign for free trail, visit: https://www.cannontrading.com/tools/intraday-futures-trading-signals
Yesterday I wrote the following:
“On a different note, I got a blue diamond for tomorrow’s session which can mean potential up day if the futures market can break above 1083.00 or….continued decline if it fails to gain some upside momentum. Well the market broke 1083 overnight and continued as high as 1098 which is right above the nearest FIB level.”
What’s next one might ask? If we can hold 1078 then there is more upside potential, if we break down below 1078, my guess is we will resume selling pressure. Daily chart for review below:
Somewhat of a quiet day on the futures exchange to start the week after some volatile sessions last week. As I’ve said many times before, if a trader can recognize early enough during the trading session, what type of trading day is about to unfold, then one can use the proper day-trading technique more suitable for that day.
Some examples may include: join the trend on trending day, mean aversion techniques on choppy days and much more.
On a different note, I got a blue diamond for tomorrow’s session which can mean potential up day if the market can break above 1083.00 or….continued decline if it fails to gain some upside momentum. Daily chart for review below:
Continue reading “Futures Exchange: Using Different Day Trading Techniques August 17th 2010”
FOMC tomorrow around 14:15 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 futures market.
My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement.
Continue reading “Futures Market & Trading News with Daily Levels August 10th 2010”
Monthly unemployment numbers tomorrow before the cash open will provide the futures market with some direction and may get us out of this ‘summer low volume’ type of trading.
Plan your trade, trade your plan. Stay focused and ONLY try to day-trade when you are focused. Remember to stay disciplined and know that no one trade or trading day will determine your trading fate. Even when day-trading (which is a short term action), the end results is of long term progress effort and the sum of many trades.
On a different note, below is a daily chart of the Mini Dow Jones. I got a red diamond ahead of tomorrows session. For me, that means that ‘the futures market is possibly over bought ‘. The way I like to play this set up is that if we break below 10550, we have a chance for a stronger move down. On the other hand, if we can keep above it, we may see 10720 soon.
Continue reading “Futures Market & Commodity Trading Daily Levels August 6th 2010”
Daily chart of Mini Dow Jones futures contract for your review below with possible Elliot Wave scenarios. The 82 reading suggest the current uptrend is strong. If the 3rd wave we are in will continue than next target will be 10723. If the market pulls back first to possible 4th wave, support is at 10490. Of course, when its all said and done what matters most is price action and not what we want or hope the market will do.
Fairly boring trading day on the futures market. Low volume and overall not many set ups after initial move up. It is what it is. As a futures trader, know what market environment you are in and don’t try to force trades if you don’t have the set ups you are looking for. Some days, the market provides better opportunities than others, sometimes it provides many more risks. Patience is key. No trade is better than a bad trade.
Continue reading “Summer Futures Trading Resistance Levels August 3rd 2010”