{"id":23072,"date":"2026-07-13T13:18:46","date_gmt":"2026-07-13T20:18:46","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=23072"},"modified":"2026-07-13T13:18:46","modified_gmt":"2026-07-13T20:18:46","slug":"oil-ch","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/oil-ch\/","title":{"rendered":"US\/Iran Conflict: Crude Oil, S&P 500 and more PLUS: August Hogs, CannonEdge Snapshot, Pre-Market Briefing, Levels, Reports; Your 6 Important Can’t-Miss Need-To-Knows for Trading Futures on July 14th, 2026"},"content":{"rendered":"\n\n\n
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At A Glance Levels<\/h3>\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 Aug (#GC)<\/td>\n

3919.97<\/td>\n3965.73<\/td>\n4038.67<\/td>\n4084.43<\/td>\n4157.37<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 Sept. (#SI)<\/td>\n

56.29<\/td>\n57.19<\/td>\n58.49<\/td>\n59.39<\/td>\n60.69<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 Aug (#CL)<\/td>\n

70.44<\/td>\n74.10<\/td>\n76.28<\/td>\n79.94<\/td>\n82.12<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0Sept. Bonds (ZB)<\/strong><\/h2>\n

\u2014 Sept. (#ZB)<\/td>\n

110 8\/32<\/td>\n110 14\/32<\/td>\n110\u00a0 26\/32<\/td>\n111<\/td>\n111\u00a0 12\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Crude Oil: The Tape Isn\u2019t Buying the Headlines<\/h1>\n

By Eli Levy, Senior Analyst & Series 3 Broker<\/em><\/h3>\n

\"oil\"<\/p>\n

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Bottom Line<\/h2>\n

Top of Book<\/h3>\n

Markets hit midweek turbulence after another round of attacks in the Strait of Hormuz and word that the U.S.\/Iran ceasefire is off. Oil and Treasury yields rose, and the VIX nearly touched 19 on Wednesday before drifting back to 15.25 today. But crude never confirmed the panic \u2014 August WTI was last seen down $0.49 at $71.59\/barrel, and Brent\u2019s brief run above $80 didn\u2019t stick. The distance between the headlines and the price is the week in a sentence.<\/p>\n

The Argument<\/h2>\n

Both Sides of the Tape<\/p>\n

The Bull Case<\/h3>\n

If oil stays contained, the geopolitics stay background noise and the market gets to focus on what actually moves multiples: the economy and Q2 earnings, which start next week. The Street is looking for 23.3% year-over-year growth for the S&P 500 \u2014 though it\u2019s worth noting the median company only needs to clear roughly 9%, a far more forgiving bar than the headline number implies.<\/p>\n

The tape is behaving like it expects to be rewarded: the S&P 500 is on track for a three-week closing high, and the Equal Weight index bounced firmly off its 20-day SMA, which says the strength isn\u2019t just a handful of megacaps. Financials, healthcare, and industrials are printing new weekly highs. July seasonality has historically been supportive, and a good earnings season would give the fundamental story something to stand on.<\/p>\n

Notably, the most constructive argument this week wasn\u2019t about AI at all \u2014 it was that the second half offers catch-up trades and overlooked areas precisely because so many expect returns to moderate.<\/p>\n

The Bear Case<\/h3>\n

The longer the conflict runs, the higher the odds oil eventually grinds higher \u2014 and higher oil complicates inflation at the exact moment the market wants the Fed sidelined. Both sides say indirect talks continue, but after this week\u2019s exchange, the odds of near-term normalization in the Strait look poor.<\/p>\n

Then there\u2019s positioning. Hedge fund gross and net exposure sits near the 97th percentile, retail margin debt, fund leverage, and leveraged ETF assets are all building at once, and quarter-end pension rebalancing points to mechanical selling. None of that is a sell signal on its own, but it\u2019s the kind of structure that turns ordinary pullbacks into sharp ones. And semis still have to prove themselves.<\/p>\n

The SOX bounced off its 50-day SMA, but it was choppy, not a clean \u201cV\u201d off support. Notably, funds sold tech at a record pace this week while parts of the Street were buying chips into the reset \u2014 a real disagreement, not a technicality.<\/p>\n

The Two Arguments Worth Watching…..<\/h3>\n

READ THE REST and SEE CHARTS<\/a><\/em><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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August Hogs<\/h3>\n

August Hogs have resumed their rally into a new high. If sustained, the second upside PriceCount objective projects a possible run to the 101.19 area.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an \u2018exact\u2019 science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. <\/em><\/p>\n

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. <\/em><\/p>\n

Learn more at\u00a0www.qtchartoftheday.com<\/a><\/em><\/h3>\n

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for July 14th<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge is our new daily feature designed to give traders a fast, actionable overview of key futures markets. Each post delivers:<\/h3>\n

 <\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Current price and daily % change<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a030\u2011day and 52\u2011week highs\/lows<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0PROPRIETARY Short\u2011term and long\u2011term trend signals<\/p>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Coverage across equity indices, metals, energies, currencies, and ags<\/p>\n

 <\/p>\n

Whether you’re scanning for breakout setups, trend reversals, or just staying informed \u2014 Cannon Edge puts the data in your hands before the open.<\/p>\n

\u00a0Built for speed. Backed by insight. Powered by CQG.<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for July 14th, 2026<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Central Time ( Chicago)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Find us on Trustpilot<\/h1>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0You 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.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Trading Co., Inc.<\/span><\/strong><\/em><\/p>\n

12100 Wilshire Blvd.<\/span><\/strong><\/em><\/p>\n

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Los Angeles, CA 90025 US<\/span><\/strong><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

At A Glance Levels Instrument S2 S1 Pivot R1 R2 Gold (GC) \u2014 Aug (#GC) 3919.97 3965.73 4038.67 4084.43 4157.37 Silver (SI) \u2014 Sept. (#SI) 56.29 57.19 58.49 59.39 60.69 Crude Oil (CL) \u2014 Aug (#CL) 70.44 74.10 76.28 79.94 82.12 \u00a0Sept. Bonds (ZB) \u2014 Sept. (#ZB) 110 8\/32 110 14\/32 110\u00a0 26\/32 111 111\u00a0 […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119,1378],"tags":[357,19,2030],"class_list":["post-23072","post","type-post","status-publish","format-standard","hentry","category-crude-oil","category-sp-500","tag-crude-oil-2","tag-sp-500","tag-us-iran"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=23072"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23072\/revisions"}],"predecessor-version":[{"id":23073,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23072\/revisions\/23073"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=23072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=23072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=23072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}