Trading Levels and Reports for August 17, 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 17, 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 Friday August 17, 2012


Hello Traders,

Single- and Multi-Bar Price Analysis: Could It Help You Forecast the Markets?
EWI’s Jeffrey Kennedy shows you what a simple price bar can tell you about a market
August 16, 2012

By Elliott Wave International

Senior Analyst Jeffrey Kennedy has spent over 15 years developing techniques to “read between the lines” on a price chart, and he shares some of his techniques with you in a FREE eBook: Learn to Identify High Confidence Trading Opportunities Using Price Bars and Chart Patterns.

You’d be amazed at how a simple price bar can provide you with so much information that can improve your trading success. In this excerpt from his eBook, Jeffrey explains how to interpret price bars and what that means for the subsequent market moves. Learn how you can download the entire 14-page eBook below.

Here’s a picture of two different price bars that we will consider to be daily price bars. What story does the single price bar on the left tell you?

Prices opened that day at the lowest price and closed at the highest price, which means that the buyers, or bulls, are in total control of the market. The bears have no power whatsoever, and, because the market closed so high, odds are that the price will continue up the next day. As I said, one price bar can give you tons of information about a financial market.

Now, look at the price bar on the right. It tells you a similar story in the opposite direction. Once the market opened, it got slammed to the down side. It stayed down hard all day and closed on the lows. A market like this is dominated by the bears, the sellers, and odds favor further decline the following day. It means that the bulls, or the buyers, have no control in this market.

Although these kinds of price bars are fairly rare, they may open your eyes to how much information a single price bar can contain, especially if you know how to interpret it.

These two price bars are more like what you will encounter every day.

The price bar on the left side shows that the bears, or the sellers, opened the market up and pushed it down a little bit. In a sense, they had some control, but not much. Then the buyers, or the bulls, took control of this market so that it closed above the open. This type of price bar shows up in an uptrending market.

Conversely, the price bar on the right often shows up in downtrending markets. It signifies that the bears control the market. You could say that the buyers gave it a feeble attempt early on, but by the close, the sellers had taken over. Closes don’t lie, and they are the most important item on the price chart.


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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 1432.17 2816.33 13383 831.97 83.39
Resistance 2 1423.78 2795.67 13312 822.33 83.18
Resistance 1 1418.77 2782.83 13268 817.07 82.81
Pivot 1410.38 2762.17 13197 807.43 82.59
Support 1 1405.37 2749.33 13153 802.17 82.22
Support 2 1396.98 2728.67 13082 792.53 82.01
Support 3 1391.97 2715.83 13038 787.27 81.64

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 1644.0 1.2526 97.76 147 24/32
Resistance 2 1633.0 1.2451 96.76 147 4/32
Resistance 1 1625.0 1.2407 95.94 146 12/32
Pivot 1614.0 1.2332 94.94 145 24/32
Support 1 1606.0 1.2288 94.12 145
Support 2 1595.0 1.2213 93.12 144 12/32
Support 3 1587.0 1.2169 92.30 143 20/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 818.3 887.8 1647.67 2897.3
Resistance 2 814.5 885.9 1643.08 2860.7
Resistance 1 811.0 883.8 1634.17 2839.3
Pivot 807.3 881.9 1629.58 2802.7
Support 1 803.8 879.8 1620.7 2781.3
Support 2 800.0 877.9 1616.08 2744.7
Support 3 796.5 875.8 1607.17 2723.3

5. Economic Reports

All times are Eastern time Zone (EST)


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

Aug 17
 2:00am EUR
German PPI m/m
0.4% -0.4%
4:00am EUR
Current Account
7.8B 10.9B
5:00am EUR
Trade Balance
5.4B 6.3B
9:55am USD
Prelim UoM Consumer Sentiment
72.5 72.3
9:55am USD
Prelim UoM Inflation Expectations
10:00am USD
CB Leading Index m/m
0.2% -0.3%
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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