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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 Thursday October 18, 2012

 

Hello Traders,

Many clients have asked me over the years: “what other markets do you like for day-trading?” and my answer includes markets like gold, us bonds and crude oil.

Crude Oil is one of these markets that can reward and/or punish day traders very quickly….It is a volatile market and if you are a trader that refuses to use stops….then this is defintely NOT your market for day-trading.

Crude Oil inventories come out weekly on Wednesdays at 9:30 Central time.

This report has a large impact on Crude Oil prices.

Below you will see an intra day chart from todays session reflecting price action during this report.

 

If you would like to have a trial of the above charting software OR simply get a second opinion on your trading needs and methods, please visit our trader’s profile.

On a different note, we are now in stock earnings season, which will affect stock index futures price action.

A good source to follow earning reports and release times is:

http://earnings.com/highlight.asp?client=cb

 

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 1468.83 2807.17 13562 853.57 462.70
Resistance 2 1463.27 2792.83 13528 847.43 459.30
Resistance 1 1459.63 2781.67 13507 843.37 457.00
Pivot 1454.07 2767.33 13473 837.23 453.60
Support 1 1450.43 2756.17 13452 833.17 451.30
Support 2 1444.87 2741.83 13418 827.03 447.90
Support 3 1441.23 2730.67 13397 822.97 445.60
Contract Dec Gold Dec. Silver Nov. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1766.4 3378.3 94.00 148  8/32 1.3212
Resistance 2 1760.7 3354.2 93.42 147 28/32 1.3179
Resistance 1 1755.4 3336.3 92.70 147 10/32 1.3155
Pivot 1749.7 3312.2 92.12 146 30/32 1.3122
Support 1 1744.4 3294.3 91.40 146 12/32 1.3098
Support 2 1738.7 3270.2 90.82 146 1.3065
Support 3 1733.4 3252.3 90.10 145 14/32 1.3041
Contract Dec. Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 755.0 863.7 1529.67 462.70 51.51
Resistance 2 750.5 860.1 1520.08 459.30 51.28
Resistance 1 748.0 858.2 1514.67 457.00 51.16
Pivot 743.5 854.6 1505.08 453.60 50.93
Support 1 741.0 852.7 1499.7 451.3 50.8
Support 2 736.5 849.1 1490.08 447.90 50.58
Support 3 734.0 847.2 1484.67 445.60 50.46

 


5. Economic Reports

All times are Eastern time Zone (EST)

source:http://www.forexfactory.com/calendar.php

Date 3:41pm Currency Impact Detail Actual Forecast Previous Graph
Thu

Oct 18
Day 1 EUR
EU Economic Summit
 Tentative EUR
Spanish 10-y Bond Auction
5.67|2.8
8:30am USD
Unemployment Claims
367K 339K
10:00am USD
Philly Fed Manufacturing Index
1.3 -1.9
10:00am USD
CB Leading Index m/m
0.1% -0.1%
10:30am USD
Natural Gas Storage
46B 72B

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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