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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.

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 July 19, 2012


Hello Traders,

We have a day full of reports tomorrow and SP500 is sitting against resistance at 1275. I would treat this as a pivot point, i.e. if we break and close above it based on the hourly chart, then there is a chance for another leg up. On the flip side, failure to do so may open the door for a pull back. To be honest I do not have a strong feeling one way or the other. My advice when this happens is PATIENCE! Let the market develop and provide you with clues.
Once you know how you want to attack the market, devise a plan and then execute the plan that you made while you were calm and not under market pressure OR in simple words, plan your trade, trade your plan.


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 1390.73 2689.67 13077 820.20 83.77
Resistance 2 1380.62 2659.83 12973 813.40 83.61
Resistance 1 1373.93 2639.67 12909 807.70 83.35
Pivot 1363.82 2609.83 12805 800.90 83.20
Support 1 1357.13 2589.67 12741 795.20 82.94
Support 2 1347.02 2559.83 12637 788.40 82.78
Support 3 1340.33 2539.67 12573 782.70 82.52

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

Contract Aug Gold Sept. Euro Aug Crude Oil Sept. Bonds
Resistance 3 1604.4 1.2422 91.87 152 8/32
Resistance 2 1595.0 1.2370 90.95 151 29/32
Resistance 1 1585.9 1.2330 90.42 151 15/32
Pivot 1576.5 1.2278 89.50 151 4/32
Support 1 1567.4 1.2238 88.97 150 22/32
Support 2 1558.0 1.2186 88.05 150 11/32
Support 3 1548.9 1.2146 87.52 149 29/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 813.4 941.7 1664.00 2788.5
Resistance 2 799.1 925.1 1643.00 2761.5
Resistance 1 791.7 914.2 1631.50 2739.0
Pivot 777.3 897.6 1610.50 2712.0
Support 1 769.9 886.7 1599.0 2689.5
Support 2 755.6 870.1 1578.00 2662.5
Support 3 748.2 859.2 1566.50 2640.0

5. Economic Reports

All times are Eastern time Zone (EST)

Date 3:56pm Currency Impact Detail Actual Forecast Previous Graph

Jul 19
4:00am EUR
Current Account
5.3B 4.6B
8:30am USD
Unemployment Claims
367K 350K
10:00am USD
Existing Home Sales
4.64M 4.55M
10:00am USD
Philly Fed Manufacturing Index
-7.9 -16.6
10:00am USD
CB Leading Index m/m
-0.1% 0.3%
10:30am USD
Natural Gas Storage
34B 33B

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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