Trading Levels & Economic Reports for 10-20-2011

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 & Economic Reports for 10-20-2011


In this post:

1. Market Commentary
2. Support and Resistance Levels
3. Daily Mini Mini S&P 500 Futures Chart

1. Market Commentary

Volatility remains high and what I wrote yesterday, still holds:

As far as the daily chart, I am now confused again….I got tempted on the short side and got burnt very quickly today….Once again there is a CASE for both sides, bulls and the bears and the potential for a BIG MOVE EITHER WAY is greater than normal as we are sitting on important price levels in the SP500, which has been the leader for the rest of the markets as of the last few weeks.

One more point that I would like to add that have helped me when I followed and hurt me when I ignored…

When volatility is higher than normal, like we have now, I try to REDUCE my trading size. This allows me to stay in a trade with higher comfort level instead of getting out too soon from winners and too late from losers….The principal is correct regardless of volatility but even more so when markets experience fast and sharp moves.


2. Support and Resistance Levels

Contract (Dec. 2011) SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Contract Dec. 2011) SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1243.17 2415.08 11707 726.77
Resistance 2 1234.13 2391.67 11640 718.33
Resistance 1 1219.57 2352.58 11540 705.77
Pivot 1210.53 2329.17 11473 697.33
Support 1 1195.97 2290.08 11373 684.77
Support 2 1186.93 2266.67 11306 676.33
Support 3 1172.37 2227.58 11206 663.77


Contract Dec. Gold Dec. Euro Nov. Crude Oil Dec. Bonds
Resistance 3 1677.0 1.3980 92.31 141 13/32
Resistance 2 1669.9 1.3921 91.00 140 21/32
Resistance 1 1656.6 1.3835 88.65 140 1/32
Pivot 1649.5 1.3776 87.34 139 9/32
Support 1 1636.2 1.3690 84.99 138 21/32
Support 2 1629.1 1.3631 83.68 137 29/32
Support 3 1615.8 1.3545 81.33 137 9/32

3. Daily Mini Mini S&P 500 Futures Chart

As far as the mini SP daily chart below, we are STILL in a WIDE range. 1185.50 ( yesterdays lows) and 1231 (Sunday night high), maybe even bit wider if we look at the FIB levels, 1177 to 1242.

I think that once the market breaks one way or another with follow through volume, we can see a significant move in that direction. With today’s price action, my odds are slightly in favor of a down move but once again I need to see a confirmation by taking out 1185.

Daily chart for your review below:

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