Trading Levels and Reports for 8-22-2012

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 22, 2012

 

Hello Traders,

 Are we finally seeing a short term top on stock indices??

I am not sure to be honest but I like the risk reward on a short stop if we can take out todays’ lows at 1408.

Chart and possible levels below for your review:

 

mini SP 500 daily chart

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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.

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 1437.90 2836.33 13405 839.00 83.07
Resistance 2 1431.25 2819.67 13355 832.90 82.79
Resistance 1 1421.50 2795.83 13265 823.80 82.36
Pivot 1414.85 2779.17 13215 817.70 82.08
Support 1 1405.10 2755.33 13125 808.60 81.66
Support 2 1398.45 2738.67 13075 802.50 81.38
Support 3 1388.70 2714.83 12985 793.40 80.95

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

Contract Dec Gold Sept. Euro Oct. Crude Oil Sept. Bonds
Resistance 3 1671.3 1.2667 99.49 147 30/32
Resistance 2 1657.5 1.2580 98.67 147 4/32
Resistance 1 1648.5 1.2524 97.70 146 23/32
Pivot 1634.7 1.2437 96.88 145 29/32
Support 1 1625.7 1.2381 95.91 145 16/32
Support 2 1611.9 1.2294 95.09 144 22/32
Support 3 1602.9 1.2238 94.12 144 9/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 849.2 931.3 1755.67 3046.0
Resistance 2 844.6 926.7 1744.83 2996.0
Resistance 1 841.7 923.8 1738.67 2961.0
Pivot 837.1 919.2 1727.83 2911.0
Support 1 834.2 916.3 1721.7 2876.0
Support 2 829.6 911.7 1710.83 2826.0
Support 3 826.7 908.8 1704.67 2791.0




5. Economic Reports

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

All times are Eastern time Zone (EST)

Date 3:49pm Currency Impact Detail Actual Forecast Previous Graph
Wed

Aug 22
 10:00am USD
Existing Home Sales
4.52M 4.37M
10:30am USD
Crude Oil Inventories
0.1M -3.7M
2:00pm USD
FOMC Meeting Minutes
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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