Trade With Caution, FOMC Day Tomorrow | Support and Resistance Levels
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini S&P 500 Futures Chart
4. Economic Reports
5. Earnings Releases
1. Market Commentary
Front month for Equities (eminis), currencies, bonds and financials and many other markets is now December. You should not be trading almost any September contract of any market.
Note to our clients who are trading with TransactAT:
The latest version is now TransactAT 5.2.2 (download). The newer version can be installed over the older version. Please contact you broker if you need any help.
FOMC tomorrow and before that more than a few economic numbers.
FOMC days have different characteristics than other trading days. If you have traded for a while, check your trading notes from past FOMC days that may help you prepare for tomorrow.
If you are a newcomer, take a more conservative approach and make sure you understand that the news can really move the market- FAST.
My observations suggest choppy, low volume up until announcement, followed by some some sharp volatile moves right during and after the announcement. However, with tomorrow early morning reports, we may see more volatility during first couple of hours as well.
My SWING trading model is currently short the mini Russell from 693 ( target around 672, stop around 716) which may not suite everyone’s stomach ahead of the what maybe volatile overnight and tomorrows FOMC session, but chart for your review below.
If you would like to be included on my SWING trade ideas, send me an email.
GOOD TRADING!
2. SUPPORT AND RESISTANCE LEVELS!
| Contract (Sept. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1228.73 | 2372.83 | 11718 | 724.10 |
| Resistance 2 | 1221.62 | 2352.67 | 11597 | 716.20 |
| Resistance 1 | 1208.93 | 2324.08 | 11463 | 701.20 |
| Pivot | 1201.82 | 2303.92 | 11342 | 693.30 |
| Support 1 | 1189.13 | 2275.33 | 11208 | 678.30 |
| Support 2 | 1182.02 | 2255.17 | 11087 | 670.40 |
| Support 3 | 1169.33 | 2226.58 | 10953 | 655.40 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1857.3 | 1.3895 | 89.99 | 142 31/32 |
| Resistance 2 | 1835.8 | 1.3816 | 88.84 | 142 10/32 |
| Resistance 1 | 1821.1 | 1.3742 | 87.56 | 141 30/32 |
| Pivot | 1799.6 | 1.3663 | 86.41 | 141 9/32 |
| Support 1 | 1784.9 | 1.3589 | 85.13 | 140 29/32 |
| Support 2 | 1763.4 | 1.3510 | 83.98 | 140 8/32 |
| Support 3 | 1748.7 | 1.3436 | 82.70 | 139 28/32 |
3. Daily Mini Russell 2000 Futures Chart from September 20th, 2011
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.
4. Economic Reports for Wednesday September 21th, 2011
Existing Home Sales
10:00am USD
Crude Oil Inventories
10:30am USD
FOMC Statement
2:15pm USD
Federal Funds Rate
2:15pm USD
Economics Report Source: http://www.forexfactory.com/calendar.php
5. Earnings Releases
| SYMBOL | COMPANY | EVENT TITLE | EPS ESTIMATE | EPS ACTUAL | PREV. YEAR ACTUAL | DATE/TIME (ET) |
| CCL | Carnival Corp | Q3 2011 Carnival Corporation & plc Earnings Release | $ 1.63 | n/a | $ 1.62 | 20-Sep |
| CAG | Conagra Foods Inc | Q1 2012 Conagra Foods Inc Earnings Release | $ 0.31 | n/a | $ 0.34 | 20-Sep BMO |
| ORCL | Oracle Corp | Q1 2012 Oracle Corp Earnings Release | $ 0.47 | n/a | $ 0.42 | 20-Sep AMC |
| ADBE | Adobe Systems Inc | Q3 2011 Adobe Systems Earnings Release | $ 0.54 | n/a | $ 0.54 | 20-Sep |
| AZO | Autozone Inc | Q4 2011 Autozone Inc Earnings Release | $ 6.97 | n/a | $ 5.66 | 20-Sep BMO |
| ALOG | Analogic Corp | Q4 2011 Analogic Corp Earnings Release | $ 0.40 | n/a | $ 0.56 | 20-Se |
