When You’re Crying…You Should Be Buying - Cannon Trading

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.

When You’re Crying…You Should Be Buying

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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 Friday December 18, 2015


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Here is some futures market insight from a new member on our team but seasoned Broker, Steve Nimerov:

“Sell the rumor….Buy the fact’


“When you’re crying…You should be buying”

Some of the oldest adages,in Futures trading psychology,might sound flippant

or too simple to acknowledge,such as the header to this blog as stated above,but

are actually rooted in time worn lessons learned.Such was the early panic in the grains

and soy market,early this morning.A perfect storm of bearish news came streaming

across the news wires.The US dollar was exploding to the upside,bearish grains,

Argentina,where farmers had been stockpiling grains and soy for years,announced

a thirty percent devaluation of the peso,which basically forces the hand of the farmers,

in that country,to dump their product so as to replace the Peso with Dollars,as the

newly elected  Argentinian president made good on the economic changes his party

ran on.A wall of grain and soy was going to hit the market as the new government

ended years of export taxes,on the farmer,opening the potential floodgates and making

their product cheaper than other exporting countries.While this news was hitting the

markets,metals and energies were joining the Commodities rout as the funds went into

a “risk off mode.The Bulls were crying,fresh shorts joined the Bears party! But wait

a minute,hadn’t this news been anticipated for weeks and in some cases months?! And

hadn’t the grains been down hard,in anticipation,during that time?! Right on cue,by mid

morning,the bleeding had stopped,with the selling exhausted,prices found support and

the shorts were soon on the run.In a reverse of fortunes.prices began to spike up from

sharply lower to higher on the day,only to leave the Bears scratching their heads and

licking their significant wounds!

Steven Nimerov

Many ways to trade any market, many ways to lose money in any market and only very few ways to lock in gainsIf you need help creating a trading plan, visit our broker assist services.


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 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2104.58 4759.25 17995 1166.80 100.18
Resistance 2 2088.67 4721.50 17865 1158.70 99.76
Resistance 1 2057.83 4648.50 17617 1142.60 99.48
Pivot 2041.92 4610.75 17487 1134.50 99.06
Support 1 2011.08 4537.75 17239 1118.40 98.78
Support 2 1995.17 4500.00 17109 1110.30 98.36
Support 3 1964.33 4427.00 16861 1094.20 98.08
Contract Feb. Gold March Silver Jan. Crude Oil Mar. Bonds March   Euro
Resistance 3 1092.2 14.62 36.73 157 20/32 1.0996
Resistance 2 1082.4 14.42 36.28 156 26/32 1.0959
Resistance 1 1066.3 14.06 35.52 156 13/32 1.0902
Pivot 1056.5 13.86 35.07 155 19/32 1.0865
Support 1 1040.4 13.50 34.31 155 6/32 1.0808
Support 2 1030.6 13.30 33.86 154 12/32 1.0771
Support 3 1014.5 12.94 33.10 153 31/32 1.0714
Contract Mar. Corn Mar. Wheat Jan Beans Jan. SoyMeal Jan. Nat Gas
Resistance 3 391.2 506.8 909.75 289.07 1.93
Resistance 2 383.1 497.5 894.00 282.63 1.89
Resistance 1 378.7 490.8 885.50 279.27 1.82
Pivot 370.6 481.5 869.75 272.83 1.78
Support 1 366.2 474.8 861.3 269.5 1.7
Support 2 358.1 465.5 845.50 263.03 1.67
Support 3 353.7 458.8 837.00 259.67 1.60
Economic Reports


All times are Eastern time Zone (EST)


Date 3:56pm Currency Impact Detail Actual Forecast Previous Graph
FriDec 18  4:00am EUR Current Account 32.2B 29.4B
9:45am USD Flash Services PMI 55.9 56.1
1:00pm USD FOMC Member Lacker Speaks

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.


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