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 Thursday August 12, 2016
How Sweet Will The Sugar Rally Be? Ilan Levy-Mayer |
The sugar market has made a significant upside move over the past few days and weeks.
Weather concerns for part of the growing areas in Asia, as well as strength in Brazilian real contributed to this rally.
From a technical point of view, I feel this market is overbought and over-extended, but when fundamentals take over, you can use the charts for wall decoration…That being said, I will be looking for signs of exhaustion on the daily and weekly charts.
The chart below is a monthly chart of sugar, and you will see that we are trading right against recent highs and I got a sell signal in the shape of my red diamond. However, I don’t have a crystal ball, hence I will look on the daily chart for a similar clue before trying to go against the trend and go short.
Read the full article along with my chart set up at:
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Levels for Trade Date of 8.12.2016
|Contract Sept. 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Dec. Gold||Sept. Silver||Sept. Crude Oil||Sept. Bonds||Sept. Euro|
|Resistance 3||1372.3||20.67||47.21||175 1/32||1.1249|
|Resistance 2||1365.9||20.50||45.53||174 8/32||1.1229|
|Resistance 1||1354.3||20.23||44.45||173 4/32||1.1192|
|Support 1||1336.3||19.80||41.69||171 7/32||1.1135|
|Support 2||1329.9||19.63||40.01||170 14/32||1.1115|
|Support 3||1318.3||19.36||38.93||169 10/32||1.1078|
|Contract||Dec. Corn||Sept. Wheat||Nov. Beans||Dec. SoyMeal||Sept. Nat Gas|
German Prelim GDP q/q
German Final CPI m/m
German WPI m/m
French Prelim Non-Farm Payrolls q/q
Italian Prelim GDP q/q
Flash GDP q/q
Industrial Production m/m
Core Retail Sales m/m
Retail Sales m/m
Core PPI m/m
Prelim UoM Consumer Sentiment
Business Inventories m/m
Prelim UoM Inflation Expectations