Trading Levels and Reports for August 14, 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 Tuesday August 14, 2012

 

Hello Traders,

In the last few weeks we witnessed “summer trading” with low volume which encouraged me to share the following with you on the different types of trading days:

  • In my opinion there are 3 main types of trading days.

1. The most common day are two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought/oversold indicators.

2. Strong trending days, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend.

3. Slow and/or choppy trading days – this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in.

  • A good question I’ve been asked is how can one asses what type of trading day we will have while the market is still trading….I have been doing some work in finding the answers and will be happy to hear feedback via email but here are some initial observations:
    1. Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session (primary session is when the cash/stock market is open)
    2. Mondays have the highest chance for trending days
    3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
    4. If the first 30 minutes of the trading day have good volume, better chances for type 1 or type 2 trading days.
    5. Low volume during the first 30 minutes can suggest a choppy (type 3 trading day)

 

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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 1411.33 2753.67 13247 812.67 83.24
Resistance 2 1406.67 2740.33 13204 806.23 83.00
Resistance 1 1403.33 2732.67 13165 801.17 82.76
Pivot 1398.67 2719.33 13122 794.73 82.52
Support 1 1395.33 2711.67 13083 789.67 82.28
Support 2 1390.67 2698.33 13040 783.23 82.04
Support 3 1387.33 2690.67 13001 778.17 81.80

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 1642.4 1.2501 95.99 150
Resistance 2 1635.3 1.2439 95.06 149 20/32
Resistance 1 1623.9 1.2388 93.90 149 7/32
Pivot 1616.8 1.2326 92.97 148 27/32
Support 1 1605.4 1.2275 91.81 148 14/32
Support 2 1598.3 1.2213 90.88 148 2/32
Support 3 1586.9 1.2162 89.72 147 21/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 810.8 876.5 1627.17 2851.3
Resistance 2 806.8 872.3 1621.58 2833.2
Resistance 1 799.5 864.5 1611.17 2804.8
Pivot 795.5 860.3 1605.58 2786.7
Support 1 788.3 852.5 1595.2 2758.3
Support 2 784.3 848.3 1589.58 2740.2
Support 3 777.0 840.5 1579.17 2711.8



5. Economic Reports

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

All times are Eastern time Zone (EST)

Date 3:43pm Currency Impact Detail Actual Forecast Previous Graph
Tue

Aug 14
 1:30am EUR
French Prelim GDP q/q
-0.1% 0.0%
1:30am EUR
French CPI m/m
-0.2% 0.0%
2:00am EUR
German Prelim GDP q/q
0.2% 0.5%
2:45am EUR
French Prelim Non-Farm Payrolls q/q
-0.1% 0.1%
5:00am EUR
German ZEW Economic Sentiment
-19.4 -19.6
5:00am EUR
Flash GDP q/q
-0.2% 0.0%
5:00am EUR
Industrial Production m/m
-0.5% 0.6%
5:00am EUR
ZEW Economic Sentiment
-19.1 -22.3
8:30am USD
Core Retail Sales m/m
0.4% -0.4%
8:30am USD
PPI m/m
0.3% 0.1%
8:30am USD
Retail Sales m/m
0.3% -0.5%
8:30am USD
Core PPI m/m
0.2% 0.2%
10:00am USD
Business Inventories m/m
0.2% 0.3%
10:00am USD
IBD/TIPP Economic Optimism
47.4 47.0

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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