Trading Levels and Economic Reports for March 5, 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 March 5, 2013


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 Tuesday March 5, 2013


Hello Traders,

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

Choppy action today in stock indices as we approach rollover day this Thursday.


It seems that counter trend set ups work much better on days like today rather than trying to catch a trend since there was none…..


The market looks like it can have another push up if we can get a close above 1530 but at this point I really don’t have a strong opinion on the direction of this market from a swing trading point of view.


I think that the economic numbers along with rollover activity this Wednesday, Thursday and Friday may finally give the market a direction and hope they provide us with a clue.


As far as Day Trading I honestly think that discipline and the ability to accept a loss on any given day are the biggest factors for many traders out there.

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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.



support and resistance levels



5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:03pm Currency Impact Detail Actual Forecast Previous Graph
TueMar 5  3:15am EUR Spanish Services PMI 45.9 47.0
3:45am EUR Italian Services PMI 43.6 43.9
4:00am EUR Final Services PMI 47.3 47.3
All Day EUR ECOFIN Meetings
5:00am EUR Retail Sales m/m 0.3% -0.9%
10:00am USD ISM Non-Manufacturing PMI 55.0 55.2
USD IBD/TIPP Economic Optimism 47.8 47.3

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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