Trading Levels and Reports for October 16, 2012
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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 Tuesday October 16, 2012
Hello Traders,
An Elliott Wave Pattern that Signals the Start of Opportunity
The size of the wave will surprise most everyone
By Elliott Wave International
On Monday Oct. 8 I sat down with Elliott Wave International’s chief commodity analyst and Futures Junctures Service editor Jeffrey Kennedy to discuss his favorite wave pattern of all: the Elliott wave diagonal. Reason being: On the “hand” of opportunity, the diagonal lands not at the wrist, the palm, or even the knuckles; but at the fingertips! Read more.
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.
| Contract Dec. 2012 | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell | Dollar Index |
| Resistance 3 | 1454.73 | 2774.33 | 13498 | 840.70 | 473.10 |
| Resistance 2 | 1445.62 | 2755.67 | 13432 | 833.60 | 469.10 |
| Resistance 1 | 1440.43 | 2743.83 | 13393 | 830.00 | 462.60 |
| Pivot | 1431.32 | 2725.17 | 13327 | 822.90 | 458.60 |
| Support 1 | 1426.13 | 2713.33 | 13288 | 819.30 | 452.10 |
| Support 2 | 1417.02 | 2694.67 | 13222 | 812.20 | 448.10 |
| Support 3 | 1411.83 | 2682.83 | 13183 | 808.60 | 441.60 |
| Contract | Dec Gold | Dec. Silver | Nov. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1778.7 | 3418.0 | 95.08 | 150 17/32 | 1.3090 |
| Resistance 2 | 1767.1 | 3382.5 | 93.64 | 150 5/32 | 1.3039 |
| Resistance 1 | 1752.9 | 3328.0 | 92.67 | 149 24/32 | 1.3001 |
| Pivot | 1741.3 | 3292.5 | 91.23 | 149 12/32 | 1.2950 |
| Support 1 | 1727.1 | 3238.0 | 90.26 | 148 31/32 | 1.2912 |
| Support 2 | 1715.5 | 3202.5 | 88.82 | 148 19/32 | 1.2861 |
| Support 3 | 1701.3 | 3148.0 | 87.85 | 148 6/32 | 1.2823 |
| Contract | Dec. Corn | Dec. Wheat | Nov. Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 755.4 | 859.2 | 1509.50 | 473.10 | 50.66 |
| Resistance 2 | 750.1 | 855.6 | 1503.50 | 469.10 | 50.38 |
| Resistance 1 | 743.7 | 851.9 | 1498.00 | 462.60 | 50.20 |
| Pivot | 738.3 | 848.3 | 1492.00 | 458.60 | 49.92 |
| Support 1 | 731.9 | 844.7 | 1486.5 | 452.1 | 49.7 |
| Support 2 | 726.6 | 841.1 | 1480.50 | 448.10 | 49.46 |
5. Economic Reports
source:http://www.forexfactory.com/calendar.php
All times are Eastern time Zone (EST)
| Date | 3:28pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
| Tue
Oct 16
|
4:00am | EUR |
Italian Trade Balance
|
2.57B | 4.49B | ||||
| 5:00am | EUR |
German ZEW Economic Sentiment
|
-14.6 | -18.2 | |||||
| 5:00am | EUR |
CPI y/y
|
2.7% | 2.7% | |||||
| 5:00am | EUR |
Core CPI y/y
|
1.6% | 1.5% | |||||
| 5:00am | EUR |
ZEW Economic Sentiment
|
-1.1 | -3.8 | |||||
| 5:00am | EUR |
Trade Balance
|
8.4B | 7.9B | |||||
| 8:30am | USD |
Core CPI m/m
|
0.2% | 0.1% | |||||
| 8:30am | USD |
CPI m/m
|
0.4% | 0.6% | |||||
| 9:00am | USD |
TIC Long-Term Purchases
|
45.3B | 67.0B | |||||
| 9:15am | USD |
Capacity Utilization Rate
|
78.4% | 78.2% | |||||
| 9:15am | USD |
Industrial Production m/m
|
0.2% | -1.2% | |||||
| 10:00am | USD |
NAHB Housing Market Index
|
41 | 40 |
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
