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 March 27, 2015
For 2015 I would like to wish all of you discipline and patience in your trading!
I just wrote this one for forexmagnates.com yesterday and wanted to share with you.
Silver Futures at the Crossroads
After a long period of declining prices we finally saw a significant bounce on silver futures over these past couple of weeks. The question I ask myself is: Is this a good place to sell, is this just a bounce/short covering and the trend lower will resume?
Is this rally a beginning of a breakout to the upside and trend reversal?
Only time will provide the correct answer but until then I think the following two strategies are worth looking at:
1. Sell futures right around the $17 level and place a stop on the short along with another stop to go long if market breaks above $17.30 (see chart below).
2. Sell call option premium on rallies and sell put option premium on sell offs as we take the assumption that the market will be trading between $16 and $18 for the next few weeks. Selling premium is a dangerous strategy with unlimited risk.
As I don’t see any major changes in the fundamental picture for silver, I like to use the chart and technical studies in an attempt to come up with a good risk-reward trade.
Silver Daily continuation chart (Heikin-Ashi) – current front month for silver futures is May.
SIE – Silver (Globex) Equalized Active Daily Continuation (Delayed by 10 mins): Heikin Ashi
Many ways to trade any market, many ways to lose money in any market and only very few ways to lock in gains – this one is not different. If you need help creating a trading plan, visit our broker assist services.
Disclaimer – Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. 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.
About Ilan Levy-Mayer
Ilan Levy-Mayer has been a commodities broker for over 16 years, and holds an MBA in Finance and Marketing from Hebrew University in Jerusalem. Ilan is currently the vice president and a senior futures broker overseeing online future trading platforms and commodity futures trading systems at Cannon Trading Company.
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 2015||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Apr. Gold||May Silver||May Crude Oil||June Bonds||June Euro|
|Resistance 3||1242.8||17.83||56.71||167 11/32||1.1212|
|Resistance 2||1231.2||17.62||54.60||166 9/32||1.1138|
|Resistance 1||1217.1||17.34||52.96||164 14/32||1.1015|
|Support 1||1191.4||16.84||49.21||161 17/32||1.0818|
|Support 2||1179.8||16.63||47.10||160 15/32||1.0744|
|Support 3||1165.7||16.35||45.46||158 20/32||1.0621|
|Contract||May Corn||May Wheat||May Beans||May SoyMeal||May Nat Gas|
|ThuMar 26||3:00am||EUR||GfK German Consumer Climate||9.8||9.7|
|5:00am||EUR||M3 Money Supply y/y||4.3%||4.1%|
|EUR||Private Loans y/y||0.1%||-0.1%|
|9:00am||USD||FOMC Member Lockhart Speaks|
|9:45am||USD||Flash Services PMI||57.2||57.1|
|10:30am||USD||Natural Gas Storage||10B||-45B|
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.