Trading Levels and Reports for December 5, 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 December 5, 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 December 5, 2012


Hello Traders,

 The market that caught my eyes today was actually gold. Down over $20.

Daily chart of February Gold for your review below. While I think we will see some bounces and moves both ways, the medium target for gold will be 1676 and 1648. If the market manages to close above 1740 the bullish tone will return.

gold daily chart



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.


commodity support and resistance levels updated dec. 4th 2012


5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:02pm Currency Impact Detail Actual Forecast Previous Graph

Dec 5
 3:15am EUR
Spanish Services PMI
3:45am EUR
Italian Services PMI
46.0 46.0
4:00am EUR
Final Services PMI
45.7 45.7
5:00am EUR
Retail Sales m/m
-0.1% -0.2%
Tentative EUR
Spanish 10-y Bond Auction
8:15am USD
ADP Non-Farm Employment Change
129K 158K
8:30am USD
Revised Nonfarm Productivity q/q
2.7% 1.9%
8:30am USD
Revised Unit Labor Costs q/q
-0.9% -0.1%
10:00am USD
ISM Non-Manufacturing PMI
53.6 54.2
10:00am USD
Factory Orders m/m
0.0% 4.8%
10:30am USD
Crude Oil Inventories
-0.4M -0.3M

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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