Trading Levels and Reports for October 24, 2012 - Cannon Trading

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.

Trading Levels and Reports for October 24, 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 Wednesday October 24, 2012


Hello Traders,

Stock Index futures living up for their “October reputation” with a small sell off over the last few days. While the overall up trend is still in tact, I think we may see an additional pullback first.

1391 is a major support level and how the market will react if we visit this level soon, will provide futures clues.
DON’T FORGET FOMC is tomorrow as well…..

Regardless of the longer term picture ( weekly mini SP chart for your review below), as volatility increases, I recommend day-traders to DECREASE trading size in order to allow oneself a chance to stay in trades while volatility is higher.

weekly mini s&p chart



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.


Due to technical difficulties, there will be no support and resistance levels today.


5. Economic Reports

All times are Eastern time Zone (EST)


Date 4:09pm Currency Impact Detail Actual Forecast Previous Graph

Oct 24
 3:00am EUR
French Flash Manufacturing PMI
43.9 42.7
3:00am EUR
French Flash Services PMI
45.6 45.0
3:30am EUR
German Flash Manufacturing PMI
48.1 47.4
3:30am EUR
German Flash Services PMI
50.1 49.7
4:00am EUR
German Ifo Business Climate
101.5 101.4
4:00am EUR
Flash Manufacturing PMI
46.6 46.1
4:00am EUR
Flash Services PMI
46.5 46.1
Tentative EUR
German 10-y Bond Auction
7:45am EUR
ECB President Draghi Speaks
9:00am USD
Flash Manufacturing PMI
51.6 51.1
10:00am EUR
ECB President Draghi Speaks
10:00am USD
New Home Sales
386K 373K
10:00am USD
HPI m/m
0.4% 0.2%
10:30am USD
Crude Oil Inventories
2.0M 2.9M
2:15pm USD
FOMC Statement
2:15pm USD
Federal Funds Rate
<0.25% <0.25%

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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