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. Daily Mini S&P Chart
6. Economic Reports for Tuesday, November 22, 2011
1. Market Commentary
Last week ( Thursday to be exact) I shared the same chart below with the sell signal if we can break 1204.50 ( The market was trading around 1215 at that time). Well we broke below and pretty much got the first target in one trading day.
Tomorrow we will have FOMC minutes, an important report which the market tends to react to or as I call it, “Market respects it”.
If the market breaks above 1204.50 after the minutes, we may see a relief from selling, on the other hand if the market reacts bearishly to the report than 1147.50 and 1120 are next targets.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (Dec. 2011) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance Level 3 | 1212.00 | 2265.00 | 11790 | 732.57 |
| Resistance Level 2 | 1204.65 | 2245.00 | 11705 | 724.03 |
| Resistance Level 1 | 1195.70 | 2226.00 | 11595 | 711.47 |
| Pivot Point | 1188.35 | 2206.00 | 11510 | 702.93 |
| Support Level 1 | 1179.40 | 2187.00 | 11400 | 690.37 |
| Support Level 2 | 1172.05 | 2167.00 | 11315 | 681.83 |
| Support Level 3 | 1163.10 | 2148.00 | 11205 | 669.27 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance Level 3 | 1746.9 | 1.3658 | 100.60 | 144 15/32 |
| Resistance Level 2 | 1730.7 | 1.3600 | 99.23 | 144 7/32 |
| Resistance Level 1 | 1702.8 | 1.3545 | 97.98 | 143 29/32 |
| Pivot Point | 1686.6 | 1.3487 | 96.61 | 143 21/32 |
| Support Level 1 | 1658.7 | 1.3432 | 95.36 | 143 11/32 |
| Support Level 2 | 1642.5 | 1.3374 | 93.99 | 143 3/32 |
| Support Level 3 | 1614.6 | 1.3319 | 92.74 | 142 25/32 |
4.Support and Resistance Levels – Corn, Wheat, Beans, Silver
| Contract | Dec. Corn | Dec. Wheat | Jan. Beans | Dec. Silver |
| Resistance Level 3 | 626.3 | 618.3 | 1195.75 | 3403.2 |
| Resistance Level 2 | 618.8 | 610.2 | 1185.00 | 3322.3 |
| Resistance Level 1 | 608.3 | 600.8 | 1166.50 | 3226.7 |
| Pivot Point | 600.8 | 592.7 | 1155.75 | 3145.8 |
| Support Level 1 | 590.3 | 583.3 | 1137.3 | 3050.2 |
| Support Level 2 | 582.8 | 575.2 | 1126.50 | 2969.3 |
| Support Level 3 | 572.3 | 565.8 | 1108.00 | 2873.7 |
5. Daily Mini S&P Chart
Daily chart of mini SP500 for your review below along with potential lines of support and resistance.
5. Economic Report for Tuesday November 22, 2011
Prelim GDP
8:30am
Prelim GDP Price Index
8:30am
Consumer Confidene
10:00am
Richmond Manufacturing Index
10:00am
FOMC Member Kocherlakota Speaks
1:00pm
FOMC Meeting Minutes
2:00pm