Trading Levels and Reports for August 15, 2012
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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,
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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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 | 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)
source:http://www.forexfactory.com/calendar.php
Date | 4:03pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
Wed
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