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What type of trading day am I facing? 5.25.2016

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Wednesday May 25, 2016

Hello Traders,

For 2016 I would like to wish all of you discipline and patience in your trading!

Voted #1 futures trading blog!  

Strong trend day today on both indices going up and gold going down, prompts me to share a piece I have shared in the past about recognizing the different type of trading days (both markets above experienced type 2 trading day today):

  • My opinion is that there are 3 main types of trading days.
    1. Most common is two sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought /oversold indicators.
    2. Strong trending day, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for using ADX, MACD crossovers and pretty much looking for pullbacks to jump on the trend
    3. Slow and/ or choppy trading day – this type of trading day is best suited for taking small profits from the market by looking at volume spikes, using stochastics as possible entry signals and usually wait for a pullback before jumping in. Many times, no trading is better than bad trading during these type of trading days….
  • Good question is how can one asses what type of trading day we will have while the market is still trading….I am doing some work about it and will be happy to hear feedback via email but here are some initial observations:
    1. Was the overnight session a wide, two sided trading range? If the answer is yes, good chances for similar trading day during the primary session ( primary session is when the cash/ stock market is open)
    2. Mondays have the highest chance for trending days
    3. The behavior of the first hour of trading can also suggests the type of action for the rest of the day.
    4. If the first 30 minutes have good volume, better chances for type 1 or type 2 trading days.
    5. low volume during first 30 minutes can suggest a choppy (type 3 trading day)

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.

If you like Our Futures Trading Daily Support and Resistance Levels, Please share!

Futures Trading Levels 

Contract June 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2122.58 4587.25 18066 1173.30 96.25
Resistance 2 2099.92 4518.00 17892 1154.50 95.96
Resistance 1 2086.58 4480.25 17784 1143.70 95.79
Pivot 2063.92 4411.00 17610 1124.90 95.50
Support 1 2050.58 4373.25 17502 1114.10 95.32
Support 2 2027.92 4304.00 17328 1095.30 95.03
Support 3 2014.58 4266.25 17220 1084.50 94.86
Contract June Gold July Silver July Crude Oil June Bonds June   Euro
Resistance 3 1270.0 16.63 50.57 166 11/32 1.1302
Resistance 2 1261.4 16.54 49.75 165 21/32 1.1268
Resistance 1 1244.6 16.39 49.28 164 26/32 1.1207
Pivot 1236.0 16.30 48.46 164 4/32 1.1173
Support 1 1219.2 16.15 47.99 163 9/32 1.1113
Support 2 1210.6 16.06 47.17 162 19/32 1.1079
Support 3 1193.8 15.91 46.70 161 24/32 1.1018
Contract July Corn July Wheat July Beans July SoyMeal June Nat Gas
Resistance 3 411.1 482.3 1093.75 410.63 2.17
Resistance 2 407.2 476.2 1081.75 402.77 2.13
Resistance 1 402.3 470.1 1068.25 395.83 2.06
Pivot 398.4 463.9 1056.25 387.97 2.02
Support 1 393.6 457.8 1042.8 381.0 1.9
Support 2 389.7 451.7 1030.75 373.17 1.91
Support 3 384.8 445.6 1017.25 366.23 1.84

Economic Reports

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

All times are Eastern time Zone (EST)

Date 4:06pm Currency Impact Detail Actual Forecast Previous Graph
WedMay 25  2:00am EUR
GfK German Consumer Climate
9.7 9.7
4:00am EUR
German Ifo Business Climate
106.9 106.6
Tentative EUR
German 30-y Bond Auction
1.03|1.6
All Day EUR
ECOFIN Meetings
8:30am USD
Goods Trade Balance
-60.1B -56.9B
9:00am EUR
Belgian NBB Business Climate
-1.8 -2.4
USD
HPI m/m
0.4% 0.4%
9:45am USD
Flash Services PMI
53.1 52.8
10:30am USD
Crude Oil Inventories
-1.7M 1.3M

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 here in 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 judgement in trading.

Tags: > > Posted in: Future Trading News   | Futures Trading  

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