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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 18, 2012

Hello Traders,

Somewhat of an intraday reversal we witnessed in the mini SP 500 today and market closed
ABOVE yesterday’s high which is a semi bullish signal
and puts the next target for the SP500 at 1375.


Another market that caught my eyes today is the Euro currency. I am getting a small buy signal as well for the Euro with possible targets at 123.96 and 125.34 and stop somewhere below the recent low of 121.71 ( 121.35?) in case I am wrong. If I am wrong and the market does take out the recent low, we may see another leg down before this market bounces.

Daily Euro Continuation 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.

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 1386.00 2647.67 12969 818.13 84.21
Resistance 2 1373.25 2621.33 12865 809.57 83.95
Resistance 1 1365.00 2600.67 12792 802.83 83.55
Pivot 1352.25 2574.33 12688 794.27 83.29
Support 1 1344.00 2553.67 12615 787.53 82.89
Support 2 1331.25 2527.33 12511 778.97 82.63
Support 3 1323.00 2506.67 12438 772.23 82.23

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 1624.3 1.2482 91.88 152 10/32
Resistance 2 1611.5 1.2405 90.67 151 31/32
Resistance 1 1596.5 1.2352 89.83 151 15/32
Pivot 1583.7 1.2275 88.62 151 4/32
Support 1 1568.7 1.2222 87.78 150 20/32
Support 2 1555.9 1.2145 86.57 150 9/32
Support 3 1540.9 1.2092 85.73 149 25/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 800.8 897.0 1614.17 2852.2
Resistance 2 792.4 894.0 1605.83 2805.8
Resistance 1 781.8 889.5 1598.17 2764.7
Pivot 773.4 886.5 1589.83 2718.3
Support 1 762.8 882.0 1582.2 2677.2
Support 2 754.4 879.0 1573.83 2630.8
Support 3 743.8 874.5 1566.17 2589.7

5. Economic Reports

All times are Eastern time Zone (EST)

Date 3:32pm Currency Impact Detail Actual Forecast Previous Chart

Jul 18

8:30am USD
Building Permits
8:30am USD
Housing Starts
10:00am USD
Fed Chairman Bernanke Testifies
10:30am USD
Crude Oil Inventories
2:00pm USD
Beige Book

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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