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 Wednesday May 11, 2016
For 2016 I would like to wish all of you discipline and patience in your trading!
Thirty Year Bonds Looking for a Correction Towards the 156-158 Area
Ilan Levy-Mayer | Friday, 06 May 2016 12:16 (EST)
I am looking for US Treasury bonds, also known as the 30 year bonds to correct down to 156-158 area. I am thinking that tomorrow’s monthly unemployment report may trigger this correction, or it may take a little longer or maybe not happen at all – BUT my chart seems to think there is a good possibility of a correction.
Notice the weekly chart below and the correction we had last year between February and July. I think the market right now is a on a possible break lower and a similar correction in price towards the support levels of 156-158 area.
Webinar this Wednesday!
Order Flow – Keeping it Simple, Practical & Effective
Wednesday May 11, 2016 1:00 PM PDT :
Join us for a 60 -minute webinar this Wednesday May 11th at 3:00 P.M., Central Time.
In this free webinar , Peter Davies of Jigsaw Trading, takes a look at why you might want to use Order Flow in your trading. He introduces simple, yet effective methods you can use to improve your trading edge.
The following topics will be discussed:
– The “Levels Dilemma”, a look at common problems of trading pre-determined levels (and yes, you still have to do your homework). How you can be right about the level but still miss the trade or get stopped out.
– The trade-off between catching shortfalls at a level and taking on more risk. How order flow traders address this.
– Review the software, plug in, different functions of the software and tools
– The conceptual events Order Flow Traders are using to confirm trades. The theory.
– More is not always better. The benefits of sticking to the basics with Order Flow and the pitfalls of making a science of it.
– Simple, practical and effective elements of Order Flow that Peter Davies uses in his own trading
**Free demo will be available.
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.
|Contract June 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||June Gold||July Silver||June Crude Oil||June Bonds||June Euro|
|Resistance 3||1287.5||17.50||47.08||166 13/32||1.1463|
|Resistance 2||1279.8||17.35||45.93||166 5/32||1.1442|
|Resistance 1||1273.8||17.24||45.32||165 29/32||1.1411|
|Support 1||1260.1||16.97||43.56||165 13/32||1.1360|
|Support 2||1252.4||16.82||42.41||165 5/32||1.1339|
|Support 3||1246.4||16.71||41.80||164 29/32||1.1308|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||June Nat Gas|
|WedMay 11||4:30am||GBP||Manufacturing Production m/m||0.4%||-1.1%|
|GBP||Industrial Production m/m||0.7%||-0.3%|
|10:00am||GBP||NIESR GDP Estimate||0.3%|
|10:30am||USD||Crude Oil Inventories||2.8M|
|1:01pm||USD||10-y Bond Auction||1.77|2.8|
|2:00pm||USD||Federal Budget Balance||116.2B||-108.0B|
|7:01pm||GBP||RICS House Price Balance||38%||42%|