Stock Indices React to FOMC with Largest One Day Drop in 4 Months – Aug 1st Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
For 2014 I would like to wish all of you discipline and patience in your trading!
I have noticed many times in the past that the “real direction to FOMC announcements, will usually come the following day”. Today was a perfect example of it…..
Last time we had a meaningful correction in the SP500 was April 4th. The correction lasted 10 days and measured 90 SP points from peak to valley 1885 to 1795 as you can see in the chart below ( sounds like I am talking about earthquakes….).If symmetry decides to give us a similar reaction we can see 1896 as the next target. In between we have a support zone at 1913 – 1918 first.
Daily chart of the Sept. mini SP 500 with the different levels for your review below:
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GOOD TRADING !
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Futures Trading Levels
|Contract Sept. 2014||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||December Gold||Sept.Silver||Sept. Crude Oil||September Bonds||Sept. Euro|
|Resistance 3||1311.8||2107.0||101.26||139 6/32||1.3434|
|Resistance 2||1305.3||2092.5||100.56||138 15/32||1.3419|
|Resistance 1||1294.3||2066.0||99.29||137 28/32||1.3404|
|Support 1||1276.8||2025.0||97.32||136 18/32||1.3374|
|Support 2||1270.3||2010.5||96.62||135 27/32||1.3359|
|Support 3||1259.3||1984.0||95.35||135 8/32||1.3344|
|Contract||Dec Corn||Sept. Wheat||Nov. Beans||Dec. SoyMeal||Dec. bean Oil|
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