Trading Levels and Reports for August 15, 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 for August 15, 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 15, 2012


Hello Traders,

 Elliott Wave Junctures editor Jeffrey Kennedy talks about “the elephant in the room” that no trader can ignore.

By Elliott Wave International

Senior Analyst Jeffrey Kennedy is a busy man. Along with his regular duties at Elliott Wave International, he prepares 3-5 video lessons each week that teach technical traders how to anticipate — and act on — trading opportunities.

Subscribers say that what sets Jeffrey’s educational service apart is his unique ability to combine easy-to-understand, actionable advice along with a no-nonsense, uncensored look at trading psychology.

Of course, Elliott Wave Junctures is full of useful charts and technical tips. Yet some of Jeffrey’s most priceless content is his straightforward discussion of the problems that most traders face — but few experts talk about.

When I asked Jeffrey about one such lesson that resonated with his subscribers (we call it his “Patience and Persistence” episode), here’s what he said:

I think that hit home because it was honest — someone is finally talking about the elephant in the room.

Patience. Because of modern society, everything is “instant gratification.” Mobile communication, fast food, you name it. Whenever you’re counting waves, there’s a tendency to rush the wave count. It’s something that you’ll always have to be on guard against. That’s why I insist on confirming price action. When the pattern is indeed done, it will tell you it’s done. When you’re not patient, you tend to want to pick tops and bottoms.

Persistence: Just because things don’t unfold exactly the way you want doesn’t mean you’re wrong. If you ask for a raise, and you only get 60% of what you asked for, that’s not a failure. What’s important is the movement; the general trend; your overall assessment of motive wave vs. corrective wave.

Being able to top-tick or bottom-tick the market is ego trading, and it’ll cost you.

In my mind, there’s nothing in the world that’s worth anything that doesn’t take a little bit of patience and persistence to achieve. A relationship, an education or career, a healthy body: how do you get these things? You keep working at it; you keep showing up every 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 1412.67 2758.33 13228 812.10 83.07
Resistance 2 1409.93 2751.17 13207 808.30 82.84
Resistance 1 1404.97 2737.83 13163 800.90 82.70
Pivot 1402.23 2730.67 13142 797.10 82.48
Support 1 1397.27 2717.33 13098 789.70 82.34
Support 2 1394.53 2710.17 13077 785.90 82.11
Support 3 1389.57 2696.83 13033 778.50 81.97

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 1641.2 1.2441 95.41 149 1/32
Resistance 2 1630.0 1.2416 94.67 148 20/32
Resistance 1 1615.9 1.2371 94.05 148 3/32
Pivot 1604.7 1.2346 93.31 147 22/32
Support 1 1590.6 1.2301 92.69 147 5/32
Support 2 1579.4 1.2276 91.95 146 24/32
Support 3 1565.3 1.2231 91.33 146 7/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 802.3 841.3 1619.67 2833.3
Resistance 2 798.7 840.7 1611.33 2815.2
Resistance 1 793.8 840.3 1604.67 2793.8
Pivot 790.2 839.7 1596.33 2775.7
Support 1 785.3 839.3 1589.7 2754.3
Support 2 781.7 838.7 1581.33 2736.2
Support 3 776.8 838.3 1574.67 2714.8

5. Economic Reports

All times are Eastern time Zone (EST)


Date 4:03pm Currency Impact Detail Actual Forecast Previous Graph

Aug 15
All Day EUR
French Bank Holiday
All Day EUR
Italian Bank Holiday
 8:30am USD
Core CPI m/m
0.2% 0.2%
8:30am USD
CPI m/m
0.2% 0.0%
8:30am USD
Empire State Manufacturing Index
6.6 7.4
9:00am USD
TIC Long-Term Purchases
41.5B 55.0B
9:15am USD
Capacity Utilization Rate
79.3% 78.9%
9:15am USD
Industrial Production m/m
0.5% 0.4%
10:00am USD
NAHB Housing Market Index
34 35
10:30am USD
Crude Oil Inventories
-2.0M -3.7M

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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