Trading Levels and Economic Reports for July 16, 2013 - Cannon Trading

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Trading Levels and Economic Reports for July 16, 2013

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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 Tuesday July 13, 2013

Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading! 


Stocks continue to move higher BUT on very low summer type of trading volume.
For most of you who are daytraders, the main question should be how does that changes the “personality ” of the trading day?
Are we back to narrower trading days with lower volatility? or is this just a break from the more volatile/wider trading ranges we witnessed when the market was moving lower?
Are we back to buying intraday dips and the market will continue to rally?
For those of you who are swing traders, the main question is what are the extended targets for this rally and is this a short covering rally from the recent sell off or a new leg up?

Obviously the answers are unknown at this point but knowing what to consider while trading can be helpful by itself.
Daily chart of the mini SP 500 along with potential extensions to the upside and possible support levels below for your review


mini sp daily chart




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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.


Futures Trading Levels

Contract Sept. 2013  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1691.17 3092.83 15538 1057.37 84.11
Resistance 2 1685.33 3084.67 15491 1050.03 83.87
Resistance 1 1681.42 3079.08 15455 1045.97 83.53
Pivot 1675.58 3070.92 15408 1038.63 83.28
Support 1 1671.67 3065.33 15372 1034.57 82.94
Support 2 1665.83 3057.17 15325 1027.23 82.70
Support 3 1661.92 3051.58 15289 1023.17 82.36
Contract August Gold Sept. Silver August Crude Oil Sept. Bonds  Sept. Euro
Resistance 3 1315.3 2079.8 109.12 136 21/32 1.3188
Resistance 2 1304.4 2046.7 107.87 135 24/32 1.3136
Resistance 1 1294.2 2020.3 107.14 135  8/32 1.3101
Pivot 1283.3 1987.2 105.89 134 11/32 1.3049
Support 1 1273.1 1960.8 105.16 133 27/32 1.3014
Support 2 1262.2 1927.7 103.91 132 30/32 1.2962
Support 3 1252.0 1901.3 103.18 132 14/32 1.2927
Contract Dec Corn Sept. Wheat Nov.Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 508.0 671.0 1279.17 386.17 46.00
Resistance 2 506.5 670.5 1271.58 381.83 45.83
Resistance 1 505.0 670.0 1267.67 379.37 45.55
Pivot 503.5 669.5 1260.08 375.03 45.38
Support 1 502.0 669.0 1256.2 372.6 45.1
Support 2 500.5 668.5 1248.58 368.23 44.93
Support 3 499.0 668.0 1244.67 365.77 44.65
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports


All times are Eastern time Zone (EST)

Date 3:54pm Currency Impact Detail Actual Forecast Previous Graph
TueJul 16  4:00am EUR Italian Trade Balance 2.14B 1.91B
5:00am EUR German ZEW Economic Sentiment 39.8 38.5
EUR ZEW Economic Sentiment 31.8 30.6
EUR CPI y/y 1.6% 1.6%
EUR Core CPI y/y 1.2% 1.2%
EUR Trade Balance 15.8B 16.1B
8:30am USD Core CPI m/m 0.2% 0.2%
USD CPI m/m 0.3% 0.1%
9:00am USD TIC Long-Term Purchases 14.3B -37.3B
9:15am USD Capacity Utilization Rate 77.8% 77.6%
USD Industrial Production m/m 0.2% 0.0%
10:00am USD NAHB Housing Market Index 51 52
2:15pm USD FOMC Member George Speaks

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading

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