Spotting Clues Day Trading Futures 2.02.2016

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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 Tuesday February 2, 2016

Hello Traders,

For 2015 I would like to wish all of you discipline and patience in your trading!

Getting Clues from other markets?

When day-trading a specific market do you only look at the chart for that specific market? maybe you took it a step further and you are viewing multiple time frame charts for the same market which is a good step in my eyes.

Now lets take this even one step further by observing what markets have correlation, direct or inverse to the market you are trading, perhaps this can help you make decisions when trading.

I will give a few examples from my experience:
When I am in a position in the mini SP 500, I will often observe what the bonds are doing ( many times inverse correlation), I will take notice of what the Dow, Russell and NASDAQ are doing as well ( direct correlation)

If I am trading crude oil, I will many times pay attention to what unleaded gas and heating oil are doing (very close, although not direct correlation) as well as what WTI crude is doing.

One more example may be when I have a position trade in beans and I will try to get a feel for the overall direction of the grain markets (is there a trend? are they sideways?) by looking at corn, wheat in general and then look to see what bean oil and soy meal which are by products of beans are doing.

One question that can be asked is “what do you mean observe this or that market”? and a good example will be:
Lets say I am short the mini SP 500 and I am not sure if to take profit or not. I look at the mini Russell and see that mini Russell just made new lows, that will give me more confidence to stay in my short position as I feel there might be more room to the downside.

 

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.

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Futures Trading Levels

Contract March 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 1971.83 4371.08 16679 1055.83 100.33
Resistance 2 1955.92 4332.17 16552 1045.37 100.04
Resistance 1 1944.33 4306.33 16462 1037.23 99.53
Pivot 1928.42 4267.42 16335 1026.77 99.24
Support 1 1916.83 4241.58 16245 1018.63 98.73
Support 2 1900.92 4202.67 16118 1008.17 98.44
Support 3 1889.33 4176.83 16028 1000.03 97.93
Contract Apr. Gold March Silver Mar. Crude Oil Mar. Bonds March   Euro
Resistance 3 1149.4 14.67 36.17 162 25/32 1.1044
Resistance 2 1139.8 14.55 35.18 162 7/32 1.0984
Resistance 1 1134.5 14.45 33.28 161 18/32 1.0944
Pivot 1124.9 14.33 32.29 161 1.0885
Support 1 1119.6 14.23 30.39 160 11/32 1.0845
Support 2 1110.0 14.11 29.40 159 25/32 1.0785
Support 3 1104.7 14.01 27.50 159 4/32 1.0745
Contract Mar. Corn Mar. Wheat Mar Beans Mar. SoyMeal March Nat Gas
Resistance 3 376.3 483.5 889.17 276.70 2.31
Resistance 2 373.9 480.3 885.58 274.80 2.27
Resistance 1 372.6 477.8 883.17 272.90 2.21
Pivot 370.2 474.5 879.58 271.00 2.17
Support 1 368.8 472.0 877.2 269.1 2.1
Support 2 366.4 468.8 873.58 267.20 2.07
Support 3 365.1 466.3 871.17 265.30 2.01
Economic Reports

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

All times are Eastern time Zone (EST)

Date 3:50pm Currency Impact Detail Actual Forecast Previous Graph
TueFeb 2  3:00am EUR Spanish Unemployment Change 71.2K -55.8K
3:55am EUR German Unemployment Change -7K -14K
4:00am EUR Italian Monthly Unemployment Rate 11.2% 11.3%
5:00am EUR Unemployment Rate 10.5% 10.5%
EUR PPI m/m -0.4% -0.2%
10:00am USD IBD/TIPP Economic Optimism 47.8 47.3
All Day USD Total Vehicle Sales 17.4M 17.3M
1:00pm USD FOMC Member George 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 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.

 

Tags: > > Posted in: Day Trading   | Future Trading News   | Futures Trading  

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