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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.

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 July 11, 2012

Hello Traders,

The main news past 24 hours are related to PFG and shadow any market moves etc.


I am sharing two news articles to bring you up to date one from the NFA and one by Reuters.


As you may or may not know, Cannon clears its business with 5 different clearing houses and been in business since 1988. If you are looking for a new clearing house after the PFG situation, we will be happy to assist you in setting up a trading account.

Visit our website and learn more.

Reuters news about PFG

NFA memo about PFG


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 1376.17 2652.67 12945 825.10 84.27
Resistance 2 1366.23 2639.33 12855 817.10 83.96
Resistance 1 1350.87 2594.67 12720 805.00 83.76
Pivot 1340.93 2581.33 12630 797.00 83.45
Support 1 1325.57 2536.67 12495 784.90 83.24
Support 2 1315.63 2523.33 12405 776.90 82.93
Support 3 1300.27 2478.67 12270 764.80 82.73

3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds

Contract Aug Gold Sept. Euro Aug Crude Oil Sept. Bonds
Resistance 3 1629.7 1.2422 87.70 151 30/32
Resistance 2 1615.8 1.2384 86.83 151 15/32
Resistance 1 1592.1 1.2323 85.40 151 5/32
Pivot 1578.2 1.2285 84.53 150 22/32
Support 1 1554.5 1.2224 83.10 150 12/32
Support 2 1540.6 1.2186 82.23 149 29/32
Support 3 1516.9 1.2125 80.80 149 19/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 733.5 849.2 1566.50 2822.7
Resistance 2 729.5 840.1 1558.50 2790.3
Resistance 1 723.5 830.7 1548.50 2735.7
Pivot 719.5 821.6 1540.50 2703.3
Support 1 713.5 812.2 1530.5 2648.7
Support 2 709.5 803.1 1522.50 2616.3


5. Economic Reports


All times are Eastern time Zone (EST)

Date 4:06pm Currency Impact Detail Actual Forecast Previous Chart

Jul 11

2:00am EUR
German Final CPI m/m
Tentative EUR
German 10-y Bond Auction
8:30am USD
Trade Balance
10:00am USD
Wholesale Inventories m/m
10:30am USD
Crude Oil Inventories
1:00pm USD
10-y Bond Auction
2:00pm USD
FOMC Meeting Minutes

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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