Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Economic Reports for Tuesday, December 6, 2011
1. Market Commentary
WEEKLY chart for your review below of the mini SP500.
Note that the level we closed today, around the 1257 area is an important level.
I currently have mixed views of the market when it comes to longer term time frames, hence I am not taking any trades other than day-trades.
Sometimes, as many of you know, the hardest part in trading is to be patient but once you conquer the impulse to trade simply because “you did not have any trades recently” or you feel like “you are not doing your job if you are not in a trade” – when that happens, I believe your winning percentage will increase.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (Dec. 2011) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance Level 3 | 1280.17 | 2365.00 | 12298 | 770.70 |
| Resistance Level 2 | 1273.08 | 2354.00 | 12237 | 761.80 |
| Resistance Level 1 | 1263.17 | 2337.50 | 12148 | 753.20 |
| Pivot Point | 1256.08 | 2326.50 | 12087 | 744.30 |
| Support Level 1 | 1246.17 | 2310.00 | 11998 | 735.70 |
| Support Level 2 | 1239.08 | 2299.00 | 11937 | 726.80 |
| Support Level 3 | 1229.17 | 2282.50 | 11848 | 718.20 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | Feb. Gold | Dec. Euro | Jan. Crude Oil | March. Bonds |
| Resistance Level 3 | 1759.1 | 1.3572 | 104.35 | 143 14/32 |
| Resistance Level 2 | 1755.2 | 1.3530 | 103.39 | 142 20/32 |
| Resistance Level 1 | 1741.0 | 1.3458 | 102.15 | 142 9/32 |
| Pivot Point | 1737.1 | 1.3416 | 101.19 | 141 15/32 |
| Support Level 1 | 1722.9 | 1.3344 | 99.95 | 141 4/32 |
| Support Level 2 | 1719.0 | 1.3302 | 98.99 | 140 10/32 |
| Support Level 3 | 1704.8 | 1.3230 | 97.75 | 139 31/32 |
5. Economic Reports
Revised GDP
5:00am
German Factory Orders
6:00am
FOMC Member Tarullo Speaks
10:00am
IBD/TIPP Economic Optimism
10:00am