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Using Time and Price Tools To Pinpoint A Sell on Mini NASDAQ Futures 3.11.2015

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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 March 11, 2015

Hello Traders,

For 2015 I would like to wish all of you discipline and patience in your trading!

Hello Traders,

I wrote this piece about possible timing for a sell on mini NASDAQ 100 futures last week on equities.com.

I should have shared it earlier than today but it will still give you a look at possible support and future direction on stock index futures. It was actually FUN to see that my initial target of 4329 I wrote about 5 days ago was met almost to the exact today ( mini nasdaq low was 4328.50)

Using Time and Price Tools To Pinpoint A Sell on Mini NASDAQ Futures

As we near the end of the earning season and the NASDAQ composite is hitting that psychological mark of 5000, I thought it would be interesting to look at mini NASDAQ futures.

There is a difference between the NASDAQ composite we follow on the news and the NASDAQ 100 futures. The NASDAQ 100 futures follow the cash index of 100 NASDAQ stocks. The popular NASDAQ cash index we see often on the news is made up of more than 3000 components. Nonetheless, there is a very high correlation.

Rather than talk about fundamentals (Does it matter? it seems that we are still riding the fumes of QE’s….) I decided to take a look at the relationship between time and price to see at what level and at what price it may be worth to take a stab at a short position on mini NASDAQ 100 futures.

I measured the distance between the lows made on Oct. 20, 2014 and the high made on Nov. 28, 2014, then I applied that distance on what I consider to be a support level on the chart at 4081.50, that projected a resistance at 4481 (yesterday’s high was 4183.50).

I also used some TIME tools to try and speculate on the timing for a potential sell off and I got March 4, 2015 as the next turning point. Obviously this is NOT a crystal ball, and no tools or algos can predict the market that closely, but for me it provided an idea that a short against yesterday’s highs around the next few days may have a good risk to reward ratio. I will look to exit the trade if the market goes above 4485 and will look for an initial target of 4329.

Daily chart of mini NASDAQ 100 futures for your review below:

– See more at: http://www.equities.com/editors-desk/investing-strategies/trading/using-time-and-price-tools-to-pinpoint-a-sell-on-mini-nasdaq-futures-1#sthash.aBFSQz5O.dpuf

 

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.

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Futures Trading Levels

Contract March 2015 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2103.00 4475.58 18195 1238.63 99.81
Resistance 2 2090.50 4445.67 18085 1230.77 99.23
Resistance 1 2066.25 4388.33 17876 1219.23 98.92
Pivot 2053.75 4358.42 17766 1211.37 98.34
Support 1 2029.50 4301.08 17557 1199.83 98.03
Support 2 2017.00 4271.17 17447 1191.97 97.45
Support 3 1992.75 4213.83 17238 1180.43 97.14
Contract Apr. Gold May Silver April Crude Oil June Bonds March   Euro
Resistance 3 1184.9 16.04 52.13 160 8/32 1.0968
Resistance 2 1177.3 15.93 51.25 159 17/32 1.0912
Resistance 1 1169.1 15.80 49.97 159 2/32 1.0805
Pivot 1161.5 15.69 49.09 158 11/32 1.0749
Support 1 1153.3 15.55 47.81 157 28/32 1.0642
Support 2 1145.7 15.44 46.93 157 5/32 1.0586
Support 3 1137.5 15.31 45.65 156 22/32 1.0479
Contract May Corn May Wheat May Beans May SoyMeal April Nat Gas
Resistance 3 396.3 494.5 996.00 339.73 2.81
Resistance 2 393.2 494.3 993.50 337.67 2.78
Resistance 1 390.6 493.8 989.00 334.33 2.75
Pivot 387.4 493.5 986.50 332.27 2.72
Support 1 384.8 493.0 982.0 328.9 2.7
Support 2 381.7 492.8 979.50 326.87 2.66
Support 3 379.1 492.3 975.00 323.53 2.64
5. Economic Reports

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

All times are Eastern time Zone (EST)

 

Date 4:16pm Currency Impact Detail Actual Forecast Previous Graph
WedMar 11  2:30am EUR French Final Non-Farm Payrolls q/q 0.0% 0.0%
4:00am EUR ECB President Draghi Speaks
10:30am USD Crude Oil Inventories 4.5M 10.3M
1:01pm USD 10-y Bond Auction 2.00|2.6
2:00pm USD Federal Budget Balance -187.3B -17.5B
4:30pm USD Bank Stress Test Results

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 judgment in trading.

 

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

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