Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 November 8, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
BIG DAY tomorrow. Many reports including monthly unemployment figures. Be ready for higher volatility.
To continue on what i wrote yesterday regarding volume / range charts and using overbought / oversold indicators, below you will see 36 ticks range bar chart of gold futures from today’s session. The example below is of a good day for the model ( two sided trading ranges with volatility) and there are bad days just as well ( strong, one sided trend days).
The charts are sierra charts and the signals that appear are based on proprietary indicators developed by Ilan Levy-Mayer of LEVEX Capital Mgmt Inc. and VP of Cannon Trading Co, Inc.
The concept is a simple concept that looks for exhaustion in either buying/ selling and reversal. The signals that appear on the charts are alerting you for potential buy or sell IF/ONCE price confirmation occurred (crossing of the hull moving average). Full explanation along with chart samples included in the 23 page PDF booklets that comes with the free trial.
Would you like to have access to the DIAMOND and TOPAZ and 5T ALGOs as shown above and be able to apply for any market and any time frame on your own PC ? You can now have a three weeks free trial where the ALGO is enabled along with few studies for your own sierra/ ATcharts. The trial comes with a 23 page PDF booklet which explains the concepts, risks and methodology in more details.
To start your free 3 weeks trial, please send me an email with the following information:
1. Are you a client of Cannon Trading?
2. Are you currently trading futures?
3. Charting software you use?
4. If you use sierra or ATcharts, please let me know the user name so I can enable you
5. Markets you currently trading?
TRADING COMMODITY FUTURES AND OPTIONS INVOLVE SUBSTANTIAL RISK OF LOSS. THE RECOMMENDATIONS CONTAINED IN THE LETTER IS OF OPINION AND DOES NOT GUARANTEE ANY PROFITS. THERE IS NOT AN ACTUAL ACCOUNT TRADING THESE RECOMMENDATIONS. THESE ARE RISKY MARKETS AND ONLY RISK CAPITAL SHOULD BE USED. PAST PERFORMANCES ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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
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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.
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|Contract Dec. 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Dec. Silver||Dec. Crude Oil||Dec. Bonds||Dec. Euro|
|Resistance 3||1352.9||2258.5||96.64||135 6/32||1.3771|
|Resistance 2||1339.5||2230.0||95.98||134 17/32||1.3650|
|Resistance 1||1322.9||2194.5||95.13||134 5/32||1.3535|
|Support 1||1292.9||2130.5||93.62||133 4/32||1.3299|
|Support 2||1279.5||2102.0||92.96||132 15/32||1.3178|
|Support 3||1262.9||2066.5||92.11||132 3/32||1.3063|
|Contract||Dec Corn||Dec. Wheat||Jan .Beans||Dec. SoyMeal||Dec. bean Oil|
|FriNov 8||2:00am||EUR||German Trade Balance||17.2B||15.6B|
|2:45am||EUR||French Industrial Production m/m||0.4%||0.2%|
|EUR||French Gov Budget Balance||-93.6B|
|EUR||French Trade Balance||-4.7B||-4.9B|
|8:30am||USD||Non-Farm Employment Change||121K||148K|
|USD||Average Hourly Earnings m/m||0.2%||0.1%|
|USD||Core PCE Price Index m/m||0.1%||0.2%|
|USD||Personal Spending m/m||0.3%||0.3%|
|USD||Personal Income m/m||0.3%||0.4%|
|9:55am||USD||Prelim UoM Consumer Sentiment||74.6||73.2|
|USD||Prelim UoM Inflation Expectations||3.0%|
|1:10pm||USD||President Obama Speaks|
|3:30pm||USD||Fed Chairman Bernanke 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 herein 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 judgment in trading.