Trading Levels and Economic Reports for May 2, 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 Thursday May 2, 2013

Hello Traders,

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

 

FOMC is now behind us and stock index futures look a little more vulnerable than before. My experience sugessts that many times, the bigger move and the direction of the move will take place the day followingn the FOMC, so I will close attention to market action tomorrow.

In between some good “trading , reading material ” to share with you:

What’s your trading blood Type?

This article was published by the Stocks, Futures, & Options Magazine in June, 2004. We think this article is timeless and whether you are beginner or advanced trader, you will enjoy it.

Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets. What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, it becomes quite possible to match different “blood types” of those traders with their correct “trading diets.” Clearly, we’re not talking the medical blood type here, but in the figurative sense it makes the right point. With practice, it’s not too hard to determine blood types (type of trading best suited to the individual) based on the personality of the trader, and then prescribe a diet based on that individual trader’s capital, experience, risk profile and schedule.

Discovering Your Blood Type and Trading Diet

Just like a diet, where there is no right plan for everyone, in trading there is no single plan for all traders. Before deciding whether to “cut out the carbs,” “add more fiber,” or simply avoid certain markets, do some self-assessment, starting with personality. For example, are you hesitant or impulsive? Patient or short-tempered? Identify strengths and weaknesses, and then let someone close to you help pinpoint those personality pros and cons. Have a tough skin; it’s for your own good.   download the “What’s Your Trading Blood Type” PDF.

 

 

 

 

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GOOD TRADING

 

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 June 2013 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1609.83 2906.17 14914 964.37 82.26
Resistance 2 1602.67 2896.58 14854 955.53 82.02
Resistance 1 1590.33 2881.42 14747 938.97 81.85
Pivot 1583.17 2871.83 14687 930.13 81.61
Support 1 1570.83 2856.67 14580 913.57 81.44
Support 2 1563.67 2847.08 14520 904.73 81.20
Support 3 1551.33 2831.92 14413 888.17 81.03
Contract June Gold July Silver June Crude Oil June Bonds June Euro
Resistance 3 1515.0 2538.8 95.91 151 9/32 1.3318
Resistance 2 1496.2 2486.7 94.58 150 15/32 1.3283
Resistance 1 1477.3 2425.3 92.76 149 29/32 1.3235
Pivot 1458.5 2373.2 91.43 149 3/32 1.3200
Support 1 1439.6 2311.8 89.61 148 17/32 1.3152
Support 2 1420.8 2259.7 88.28 147 23/32 1.3117
Support 3 1401.9 2198.3 86.46 147 5/32 1.3069
Contract July Corn July Wheat July Beans July SoyMeal July bean Oil
Resistance 3 665.7 729.5 1395.67 423.93 49.80
Resistance 2 659.1 726.0 1388.33 419.67 49.41
Resistance 1 652.9 723.5 1380.67 412.03 49.13
Pivot 646.3 720.0 1373.33 407.77 48.74
Support 1 640.2 717.5 1365.7 400.1 48.5
Support 2 633.6 714.0 1358.33 395.87 48.07
Support 3 627.4 711.5 1350.67 388.23 47.79
For complete contract specifications for the futures markets listed above click here!

5. Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 3:46pm Currency Impact Detail Actual Forecast Previous Graph
ThuMay 2  3:15am EUR Spanish Manufacturing PMI 44.6 44.2
3:45am EUR Italian Manufacturing PMI 44.9 44.5
4:00am EUR Final Manufacturing PMI 46.5 46.5
Tentative EUR French 10-y Bond Auction 1.94|3.1
7:30am USD Challenger Job Cuts y/y 30.0%
7:45am EUR Minimum Bid Rate 0.50% 0.75%
8:30am EUR ECB Press Conference
USD Trade Balance -42.1B -43.0B
USD Unemployment Claims 346K 339K
USD Prelim Nonfarm Productivity q/q 1.8% -1.9%
USD Prelim Unit Labor Costs q/q 0.8% 4.6%
10:30am USD Natural Gas Storage 27B 30B
Tentative USD Loan Officer Survey

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

Tags: > Posted in: Future Trading News  

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