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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 Thursday April 10, 2014
For 2014 I would like to wish all of you discipline and patience in your trading!
I wrote a good article a few years back about day trading money management and one of my points was that it is my personal opinion that if a day trader sets a daily target profit and walks away when he or she achieves that target, they will fare better in the long run.
I might be wrong but think about it, if you are trading a $10,000 account and have a daily profit target of $500. How many times were you there intraday? Would your account equity be in a better shape now if you walked away each day when you made $500 ( in addition to implementing a daily stop level?)
The profit level will be different for each trader based on account size, trading style, aggressiveness level etc. but from talking with many different clients and observing many different clients I think that setting daily profit AND daily money management will help most traders financially as well as emotionally.
If you want to read the full article and you are a client, simply email me your name and account number and i will email the PDF to you. If you are a prospect, please share with me your trading experience and software you are using and I will be happy to email it to you as well.
GOOD TRADING
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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 June 2014 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1896.17 | 3683.08 | 16629 | 1180.83 | 80.27 |
| Resistance 2 | 1881.33 | 3638.67 | 16499 | 1168.97 | 80.11 |
| Resistance 1 | 1873.42 | 3615.08 | 16433 | 1162.23 | 79.85 |
| Pivot | 1858.58 | 3570.67 | 16303 | 1150.37 | 79.69 |
| Support 1 | 1850.67 | 3547.08 | 16237 | 1143.63 | 79.43 |
| Support 2 | 1835.83 | 3502.67 | 16107 | 1131.77 | 79.27 |
| Support 3 | 1827.92 | 3479.08 | 16041 | 1125.03 | 79.01 |
| Contract | June Gold | May Silver | May Crude Oil | June Bonds | June Euro |
| Resistance 3 | 1331.6 | 2060.8 | 105.83 | 134 3/32 | 1.3959 |
| Resistance 2 | 1323.5 | 2035.2 | 104.80 | 133 29/32 | 1.3908 |
| Resistance 1 | 1317.2 | 2011.3 | 104.09 | 133 18/32 | 1.3880 |
| Pivot | 1309.1 | 1985.7 | 103.06 | 133 12/32 | 1.3829 |
| Support 1 | 1302.8 | 1961.8 | 102.35 | 133 1/32 | 1.3801 |
| Support 2 | 1294.7 | 1936.2 | 101.32 | 132 27/32 | 1.3750 |
| Support 3 | 1288.4 | 1912.3 | 100.61 | 132 16/32 | 1.3722 |
| Contract | May Corn | May Wheat | May Beans | May SoyMeal | May bean Oil |
| Resistance 3 | 527.2 | 683.7 | 1527.17 | 502.77 | 43.68 |
| Resistance 2 | 522.1 | 680.3 | 1518.08 | 496.83 | 43.30 |
| Resistance 1 | 512.2 | 674.7 | 1506.67 | 489.47 | 43.11 |
| Pivot | 507.1 | 671.3 | 1497.58 | 483.53 | 42.73 |
| Support 1 | 497.2 | 665.7 | 1486.2 | 476.2 | 42.5 |
| Support 2 | 492.1 | 662.3 | 1477.08 | 470.23 | 42.16 |
| Support 3 | 482.2 | 656.7 | 1465.67 | 462.87 | 41.97 |
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 4:06pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| ThuApr 10 | 2:45am | EUR | French Industrial Production m/m | 0.2% | -0.2% | ||||
| EUR | French CPI m/m | 0.6% | 0.6% | ||||||
| 4:00am | EUR | ECB Monthly Bulletin | |||||||
| EUR | Italian Industrial Production m/m | -0.2% | 1.0% | ||||||
| 8:30am | USD | Unemployment Claims | 314K | 326K | |||||
| USD | Import Prices m/m | 0.2% | 0.9% | ||||||
| Day 1 | ALL | G20 Meetings | |||||||
| All Day | ALL | G7 Meetings | |||||||
| 10:30am | USD | Natural Gas Storage | 15B | -74B | |||||
| 1:01pm | USD | 30-y Bond Auction | 3.63|2.4 | ||||||
| 2:00pm | USD | Federal Budget Balance | -76.5B | -193.5B |
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 judgment in trading