Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday February 21, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
We finally had a volatility and price breakout on stock index futures. After a long period of very low volatility and tight ranges, market experienced higher volatility today and broke to the down side.
Markets do go through cycles of lower and higher volatility and traders need to adjust their strategy accordingly.
Below is a daily chart of the mini Russell 2000, which has been somewhat the leader of stock indices recently. Notice we are sitting on first support (red line, DMA) at 912 with next level at 891
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