Trading Levels & Economic Reports for 10-17-2011
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
In this post:
1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini Mini S&P 500 Futures Chart
1. Market Commentary
Interesting price action today and we closed right at the 1220 level I have been talking about these last few days.
Market closed right on the high and I think that price action on Monday will be very important to watch.
Follow through and a CLOSE above 1220 can open the door for a more significant rally, on the other hand if the market fails against this level and start picking up momentum on the downside, I will get a sell signal.
At this point I am flat and waiting for price action during the day session Monday before deciding which way and if to attack this market.
GOOD TRADING!
2. Support and Resistance Levels
| Contract (Dec. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1240.50 | 2434.00 | 11880 | 739.30 |
| Resistance 2 | 1230.90 | 2401.50 | 11734 | 725.60 |
| Resistance 1 | 1225.70 | 2385.25 | 11650 | 717.80 |
| Pivot | 1216.10 | 2352.75 | 11504 | 704.10 |
| Support 1 | 1210.90 | 2336.50 | 11420 | 696.30 |
| Support 2 | 1201.30 | 2304.00 | 11274 | 682.60 |
| Support 3 | 1196.10 | 2287.75 | 11190 | 674.80 |
| Contract | Dec. Gold | Dec. Euro | Nov. Crude Oil | Dec. Bonds |
| Resistance 3 | 1706.4 | 1.4106 | 92.21 | 139 13/32 |
| Resistance 2 | 1695.9 | 1.3995 | 89.80 | 139 1/32 |
| Resistance 1 | 1689.5 | 1.3935 | 88.58 | 138 18/32 |
| Pivot | 1679.0 | 1.3824 | 86.17 | 138 6/32 |
| Support 1 | 1672.6 | 1.3764 | 84.95 | 137 23/32 |
| Support 2 | 1662.1 | 1.3653 | 82.54 | 137 11/32 |
| Support 3 | 1655.7 | 1.3593 | 81.32 | 136 28/32 |
3. Daily Mini Mini S&P 500
