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Significant Gains Today Followed by Fizzling of Market | Support and Resistance Levels

Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday May 2, 2012

 

Hello Traders,

Interesting action today. Strong start after better than expected ISM and construction spending reports. Markets made significant gains but fizzled during the last hour with NASDAQ and RUSSELL finishing negative for the day – some what bearish close. Should be interesting ahead of Friday’s unemployment report.

On a a different note, screen shot below is from my daily live chart service where I share few markets in real-time with interested clients and prospects. 

If you would like to come and “visit” and try the service for yourself, please visit:

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.

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000

Contract (June 2012) SP500
(big & Mini)
Nasdaq100
(big & Mini)
Dow Jones
(big & Mini)
Mini Russell
Resistance 3 1430.57 2785.83 13440 840.93
Resistance 2 1421.03 2769.17 13360 834.97
Resistance 1 1410.77 2744.33 13290 823.53
Pivot 1401.23 2727.67 13210 817.57
Support 1 1390.97 2702.83 13140 806.13
Support 2 1381.43 2686.17 13060 800.17
Support 3 1371.17 2661.33 12990 788.73

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract June Gold June Euro June Crude Oil June Bonds
Resistance 3 1685.6 1.3362 108.86 144 5/32
Resistance 2 1678.9 1.3324 107.65 143 21/32
Resistance 1 1670.8 1.3282 106.82 143
Pivot 1664.1 1.3244 105.61 142 16/32
Support 1 1656.0 1.3202 104.78 141 27/32
Support 2 1649.3 1.3164 103.57 141 11/32
Support 3 1641.2 1.3122 102.74 140 22/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract July Corn July Wheat July Beans July Silver
Resistance 3 642.7 650.2 1517.67 3186.2
Resistance 2 638.3 648.3 1510.83 3161.3
Resistance 1 633.7 645.7 1507.17 3128.7
Pivot 629.3 643.8 1500.33 3103.8
Support 1 624.7 641.2 1496.7 3071.2
Support 2 620.3 639.3 1489.83 3046.3
Support 3 615.7 636.7 1486.17 3013.7


5. Economic Reports

3:55am EUR
German Unemployment Change

4:00am EUR
Final Manufacturing PMI

4:00am EUR
Italian Monthly Unemployment Rate

5:00am EUR
Unemployment Rate

All Day EUR
ECOFIN Meetings

8:00am USD
FOMC Member Tarullo Speaks

8:15am USD
ADP Non-Farm Employment Change

10:00am USD
Factory Orders m/m

10:30am USD
Crude Oil Inventories

Tags: > > Posted in: Future Trading News   | Options Trading  

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