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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 March 8, 2016
Hello Traders,
For 2016 I would like to wish all of you discipline and patience in your trading!
Greetings!
The Power of Diversification When Trading
I believe that if you are only trading (daytrading) one market you may be missing out on diversifying yourself by trading other markets.
Just like if you have a portfolio that is not diversified, you expose yourself to more risk, I think the same holds with futures.
I like to daytrade at least 3 markets or at least follow 3 markets and see which ones offers set ups that I like. If you only trade the ES, you will have many days during the year where there is lower volatility, tight ranges and perhaps just “dead days”. However if you are also following bonds and crude oil you have better chances to get in trade set ups that you prefer. Not only that there are times that one trade will make up for another one that is not going so well etc.
If you are a day trader it may be hard to trade more than 3 markets simultaneously but as you gain experience and monitor some markets you will be able to portion yourself properly.
So if you are a one market man (or woman) start by monitoring a few markets that are different than the one you are trading. Take some notes, perhaps trade in demo mode and open your mind to using a few markets in your trading portfolio rather than one.
If you already doing so – good job and make sure you adjust your risk and quantity accordingly.
Here is a list of MY most favorite markets for trading for reasons such as liquidity, volatility, personality and trading hours:
ES -mini SP500
ZB – US bonds
CL or GCL – crude oil
TF or RLM for the mini Russell 2000 (although with proposed exchange fees hike I may have to reconsider)
GC or GGC for gold futures
TRADE SMART / TRADE SYSTEMS — for the current rankings as well as actual performance of trading systems traded at Striker, click here.
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.
| Contract March 2016 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2026.50 | 4389.33 | 17293 | 1118.97 | 98.18 |
| Resistance 2 | 2015.50 | 4359.67 | 17187 | 1106.63 | 97.94 |
| Resistance 1 | 2006.50 | 4328.08 | 17111 | 1099.57 | 97.52 |
| Pivot | 1995.50 | 4298.42 | 17005 | 1087.23 | 97.28 |
| Support 1 | 1986.50 | 4266.83 | 16929 | 1080.17 | 96.87 |
| Support 2 | 1975.50 | 4237.17 | 16823 | 1067.83 | 96.63 |
| Support 3 | 1966.50 | 4205.58 | 16747 | 1060.77 | 96.21 |
| Contract | Apr. Gold | May Silver | Apr. Crude Oil | June Bonds | March Euro |
| Resistance 3 | 1292.1 | 16.17 | 40.70 | 163 7/32 | 1.1135 |
| Resistance 2 | 1283.1 | 16.00 | 39.40 | 162 27/32 | 1.1081 |
| Resistance 1 | 1275.4 | 15.84 | 38.68 | 162 18/32 | 1.1048 |
| Pivot | 1266.4 | 15.67 | 37.38 | 162 6/32 | 1.0995 |
| Support 1 | 1258.7 | 15.50 | 36.66 | 161 29/32 | 1.0962 |
| Support 2 | 1249.7 | 15.33 | 35.36 | 161 17/32 | 1.0908 |
| Support 3 | 1242.0 | 15.17 | 34.64 | 161 8/32 | 1.0875 |
| Contract | May Corn | May Wheat | May Beans | May SoyMeal | April Nat Gas |
| Resistance 3 | 364.4 | 472.3 | 893.00 | 276.83 | 1.90 |
| Resistance 2 | 363.3 | 470.4 | 890.25 | 275.37 | 1.82 |
| Resistance 1 | 361.2 | 466.6 | 886.00 | 273.23 | 1.77 |
| Pivot | 360.1 | 464.7 | 883.25 | 271.77 | 1.69 |
| Support 1 | 357.9 | 460.8 | 879.0 | 269.6 | 1.6 |
| Support 2 | 356.8 | 458.9 | 876.25 | 268.17 | 1.56 |
| Support 3 | 354.7 | 455.1 | 872.00 | 266.03 | 1.51 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:41pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| TueMar 8 | 2:00am | EUR | German Industrial Production m/m | 0.6% | -1.2% | ||||
| 2:45am | EUR | French Gov Budget Balance | -70.5B | ||||||
| EUR | French Trade Balance | -3.7B | -3.9B | ||||||
| 4:15am | GBP | BOE Gov Carney Speaks | |||||||
| 5:00am | EUR | Revised GDP q/q | 0.3% | 0.3% | |||||
| All Day | EUR | ECOFIN Meetings | |||||||
| 6:00am | USD | NFIB Small Business Index | 94.5 | 93.9 | |||||
| 12:00pm | GBP | MPC Member Weale 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 here in 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 judgement in trading.