Trading Levels and Reports 8-01-2012 - 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 Reports 8-01-2012

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 Wednesday August 1, 2012


Hello Traders,

August Gold is entering delivery period, so if you are trading gold, make sure you start trading December gold. Symbol for December is Z.

The FOMC interest rate decision is due at 2:15 ET in the US tomorrow ( Wednesday, Aug. 1st ). Also more than a few economic numbers ahead of the announcement.

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.

The following are suggestions on trading during FOMC days:

  • Reduce trading size
  • Be extra picky = no trade is better than a bad trade
  • Choose entry points wisely. Look at longer time frame support and resistance for entry. Take the approach of entering at points where you normally would have placed protective stops. Example, trader x looking to go long the mini SP at 1365.00 with a stop at 1359.00, instead “stretch the price bands” due to volatility and place an entry order to buy at 1359.75 and place a stop a few points below in this hypothetical example.
  • Expect the higher volatility during and right after the announcement
  • Expect to see some “vacuum” ( low volume, big zigzags) right before the number.
  • Consider using automated stops and limits attached to your entry order as the market can move very fast at times.
  • Know what the market was expecting, learn what came out and observe market reaction for clues
  • Be patient and be disciplined

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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.

2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index

Contract Sept. 2012 SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell Dollar Index
Resistance 3 1388.17 2668.00 13067 802.43 83.29
Resistance 2 1385.48 2660.00 13045 798.37 83.11
Resistance 1 1380.37 2649.00 13013 791.03 82.91
Pivot 1377.68 2641.00 12991 786.97 82.74
Support 1 1372.57 2630.00 12959 779.63 82.54
Support 2 1369.88 2622.00 12937 775.57 82.36
Support 3 1364.77 2611.00 12905 768.23 82.16

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract Dec Gold Sept. Euro Sept. Crude Oil Sept. Bonds
Resistance 3 1645.5 1.2431 92.25 152 30/32
Resistance 2 1638.5 1.2384 91.28 152 9/32
Resistance 1 1628.1 1.2349 89.36 151 27/32
Pivot 1621.1 1.2302 88.39 151 6/32
Support 1 1610.7 1.2267 86.47 150 24/32
Support 2 1603.7 1.2220 85.50 150 3/32
Support 3 1593.3 1.2185 83.58 149 21/32

4. Support & Resistance Levels for Corn, Wheat, Beans and Silver

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 821.7 900.6 1677.67 2868.5
Resistance 2 817.1 897.4 1667.33 2851.0
Resistance 1 811.2 892.8 1654.17 2821.5
Pivot 806.6 889.7 1643.83 2804.0
Support 1 800.7 885.1 1630.7 2774.5
Support 2 796.1 881.9 1620.33 2757.0
Support 3 790.2 877.3 1607.17 2727.5

5. Economic Reports

All times are Eastern time Zone (EST)


Date 3:50pm Currency Impact Detail Actual Forecast Previous Graph

Aug 1
3:15am EUR
Spanish Manufacturing PMI
3:45am EUR
Italian Manufacturing PMI
44.2 44.6
4:00am EUR
Final Manufacturing PMI
44.1 44.1
8:15am USD
ADP Non-Farm Employment Change
121K 176K
9:00am USD
Final Manufacturing PMI
51.9 51.8
10:00am USD
ISM Manufacturing PMI
50.3 49.7
10:00am USD
Construction Spending m/m
0.5% 0.9%
10:00am USD
ISM Manufacturing Prices
39.3 37.0
10:30am USD
Crude Oil Inventories
-1.5M 2.7M
All Day USD
Total Vehicle Sales
14.0M 14.1M
Tentative USD
Loan Officer Survey
2:15pm USD
FOMC Statement
2:15pm USD
Federal Funds Rate
<0.25% <0.25%

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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