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Support & Resistance Levels

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.

Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday November 15, 2012

 

Hello Traders,

I mentioned last week ( Nov. 7th blog) that the next target on the ES is 1358. Today we met this target and then broke and CLOSED below it.

 

What next? I wish I had a crystal ball to predict but I don’t….however based on technical tools and statistics my speculation is that we will head towards the 1332 level. That being said, I do think that we are oversold at this point and can see a strong short covering bounce at any time. Daily chart for your review below:

es daily

 

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 Dec. 2012 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1404.58 2626.58 12930 808.97 447.70
Resistance 2 1393.17 2606.17 12845 800.93 444.20
Resistance 1 1372.33 2567.33 12685 786.17 440.10
Pivot 1360.92 2546.92 12600 778.13 436.60
Support 1 1340.08 2508.08 12440 763.37 432.50
Support 2 1328.67 2487.67 12355 755.33 429.00
Support 3 1307.83 2448.83 12195 740.57 424.90
Contract Dec Gold Dec. Silver Dec. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1745.8 3347.7 88.66 153 9/32 1.2862
Resistance 2 1740.0 3320.3 87.66 152 23/32 1.2824
Resistance 1 1732.2 3291.2 86.94 152 15/32 1.2781
Pivot 1726.4 3263.8 85.94 151 29/32 1.2743
Support 1 1718.6 3234.7 85.22 151 21/32 1.2700
Support 2 1712.8 3207.3 84.22 151 3/32 1.2662
Support 3 1705.0 3178.2 83.50 150 27/32 1.2619
Contract Dec. Corn Dec. Wheat Jan. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 736.8 851.0 1430.67 447.70 48.20
Resistance 2 732.9 850.3 1427.33 444.20 48.02
Resistance 1 729.3 849.5 1423.17 440.10 47.85
Pivot 725.4 848.8 1419.83 436.60 47.67
Support 1 721.8 848.0 1415.7 432.5 47.5
Support 2 717.9 847.3 1412.33 429.00 47.32
Support 3 714.3 846.5 1408.17 424.90 47.15

 


5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:11pm Currency Impact Detail Actual Forecast Previous Graph
Thu

Nov 15
1:30am EUR
French Prelim GDP q/q
0.0% 0.0%
2:00am EUR
German Prelim GDP q/q
0.1% 0.3%
4:00am EUR
ECB Monthly Bulletin
4:00am EUR
Italian Prelim GDP q/q
-0.4% -0.8%
5:00am EUR
CPI y/y
2.5% 2.5%
5:00am EUR
Core CPI y/y
1.5% 1.5%
5:00am EUR
Flash GDP q/q
-0.2% -0.2%
8:30am USD
Core CPI m/m
0.1% 0.1%
8:30am USD
Unemployment Claims
372K 355K
8:30am USD
CPI m/m
0.1% 0.6%
8:30am USD
Empire State Manufacturing Index
-7.2 -6.2
9:00am USD
FOMC Member Lacker Speaks
10:00am USD
Philly Fed Manufacturing Index
1.1 5.7
10:00am USD
Mortgage Delinquencies
7.58%
10:30am USD
Natural Gas Storage
-13B 21B
11:00am USD
Crude Oil Inventories
2.5M 1.8M
1:20pm USD
Fed Chairman Bernanke Speaks
6:30pm USD
FOMC Member Dudley 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
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