Trading Levels and Reports for October 23, 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 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
