Trading Levels and Reports for October 23, 2012

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 23, 2012

 

Hello Traders,

 

Bernanke’s Bigger Bubble: QE-3 and the Coming Economic Crash
Why monetarist theory is flawed
By Elliott Wave International

We’ve all heard the definition of insanity: doing the same thing over and over and expecting a different result. Why should we think QE-3 will work when the previous two failed? (Don’t think they failed? Then ask yourself why we need a third one.) Monetary policy cannot make the global credit bubble simply vanish. Only a deflationary crash can do that. The chart below reveals why…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 1443.83 2711.33 13425 827.60 485.93
Resistance 2 1437.22 2698.67 13365 823.40 479.07
Resistance 1 1430.23 2689.33 13295 819.70 475.03
Pivot 1423.62 2676.67 13235 815.50 468.17
Support 1 1416.63 2667.33 13165 811.80 464.13
Support 2 1410.02 2654.67 13105 807.60 457.27
Support 3 1403.03 2645.33 13035 803.90 453.23
Contract Dec Gold Dec. Silver Dec. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1750.4 3343.2 93.30 148  3/32 1.3160
Resistance 2 1740.4 3295.3 92.29 147 24/32 1.3125
Resistance 1 1734.5 3266.7 90.60 147 12/32 1.3092
Pivot 1724.5 3218.8 89.59 147  1/32 1.3057
Support 1 1718.6 3190.2 87.90 146 21/32 1.3024
Support 2 1708.6 3142.3 86.89 146 10/32 1.2989
Support 3 1702.7 3113.7 85.20 145 30/32 1.2956
Contract Dec. Corn Dec. Wheat Nov. Beans Dec. SoyMeal Dec. bean Oil
Resistance 3 768.9 880.3 1561.33 485.93 52.35
Resistance 2 767.1 879.8 1556.17 479.07 52.20
Resistance 1 764.2 879.0 1551.33 475.03 51.93
Pivot 762.3 878.5 1546.17 468.17 51.78
Support 1 759.4 877.8 1541.3 464.1 51.5
Support 2 757.6 877.3 1536.17 457.27 51.36
Support 3 754.7 876.5 1531.33 453.23 51.09

 


5. Economic Reports

All times are Eastern time Zone (EST)

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

Date 3:54pm Currency Impact Detail Actual Forecast Previous Graph
Tue

Oct 23
 9:00am EUR
Belgium NBB Business Climate
-10.8 -11.6
10:00am EUR
Consumer Confidence
-26 -26
10:00am USD
Richmond Manufacturing Index
3 4

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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