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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 Friday July 27, 2012

 

Hello Traders,

Comforting words out of Europe helped the stock market bounce nicely today.

Also the end of the month is approaching, which in recent months we saw some rallies during the last few days of the month.

With that being said, I still think the market has equal chances of going either way. You can see my daily chart below with possible upside targets (marked with -3-) and possible downside targets (marked with -4-).

ES mini S&P Daily Chart July 26 2012

Be patient, be disciplined!

Also please like us on Facebook!!

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 1371.67 2624.67 12985 805.40 84.77
Resistance 2 1364.93 2609.33 12930 794.30 84.31
Resistance 1 1359.97 2593.67 12880 784.00 83.58
Pivot 1353.23 2578.33 12825 772.90 83.12
Support 1 1348.27 2562.67 12775 762.60 82.39
Support 2 1341.53 2547.33 12720 751.50 81.93
Support 3 1336.57 2531.67 12670 741.20 81.20

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

Contract Aug Gold Sept. Euro Sept. Crude Oil Sept. Bonds
Resistance 3 1645.4 1.2593 92.96 153 7/32
Resistance 2 1633.5 1.2465 91.71 152 31/32
Resistance 1 1624.1 1.2380 90.56 152 20/32
Pivot 1612.2 1.2252 89.31 152 12/32
Support 1 1602.8 1.2167 88.16 152 1/32
Support 2 1590.9 1.2039 86.91 151 25/32
Support 3 1581.5 1.1954 85.76 151 14/32

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

Contract Dec. Corn Sept. Wheat Nov. Beans Sept. Silver
Resistance 3 803.7 903.7 1632.67 2833.3
Resistance 2 796.1 899.3 1617.83 2805.7
Resistance 1 786.2 891.7 1592.67 2776.3
Pivot 778.6 887.3 1577.83 2748.7
Support 1 768.7 879.7 1552.7 2719.3
Support 2 761.1 875.3 1537.83 2691.7
Support 3 751.2 867.7 1512.67 2662.3

 

5. Economic Reports

All times are Eastern time Zone (EST)
source:http://www.forexfactory.com/calendar.php

Date 3:27pm Currency Impact Detail Actual Forecast Previous Graph
Fri

Jul 27
All Day EUR
German Prelim CPI m/m
0.4% -0.1%
3:00am EUR
Spanish Unemployment Rate
24.7% 24.4%
8:30am USD
Advance GDP q/q
1.5% 1.9%
8:30am USD
Advance GDP Price Index q/q
1.6% 2.0%
9:55am USD
Revised UoM Consumer Sentiment
72.0 72.0
9:55am USD
Revised UoM Inflation Expectations
2.8%

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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