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The market is attempting to tell us something.

Market News

10.24.12

Top Day Market News

New home sales and the oil inventory numbers will be overshadowed today by the culmination of the two day Federal Reserve Open Market Committee meeting and the rate announcement at 2:15 this afternoon. Although the universal expectation is to keep rates artificially low for the foreseeable future, the language of the communique will be deconstructed to dust with this meeting coming so close to the election. Every phrase is a candidate for the candidates, prospectively.

The past several sessions have seen a markdown in equity values based primarily on earnings shortfalls and guidance as well as forebodings about the election and the fiscal cliff with its attendant sequestrations (draconian program cuts). It should be shown however that the ratio of Nasdaq versus S+P hit its low on Monday and has resisted further deterioration even as sentiment deteriorated. As always, the market is attempting to tell us something. See chart below:

 

 

Week of October 22 - October 26

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com Forecast

Briefing.com Consensus

 

Prior

Revised From

Oct 24

 

07:00

 

MBA Mortgage Index

 

10/20

 

 

NA

 

NA

 

-4.2%

 

Oct 24

 

10:00

 

New Home Sales

 

Sep

 

 

385K

 

385K

 

373K

 

Oct 24

 

10:00

FHFA Housing Price Index

 

Aug

 

 

NA

 

NA

 

0.2%

 

Oct 24

 

10:30

 

Crude Inventories

 

10/20

 

 

NA

 

NA

 

2.860M

 

Oct 24

 

14:15

 

FOMC Rate Decision

 

Oct

 

 

0.25%

 

0.25%

 

0.25%

 

Oct 25

 

08:30

 

Initial Claims

 

10/20

 

 

375K

 

375K

 

388K

 

Oct 25

 

08:30

 

Continuing Claims

 

10/13

 

 

3275K

 

3237K

 

3252K

 

Oct 25

 

08:30

 

Durable Orders

 

Sep

 

 

12.0%

 

7.4%

 

-13.2%

 

Oct 25

 

08:30

Durable Orders -ex Transportation

 

Sep

 

 

0.2%

 

1.0%

 

-1.6%

 

Oct 25

 

10:00

 

Pending Home Sales

 

Sep

 

 

1.0%

 

2.4%

 

-2.6%

 

Oct 26

 

08:30

 

GDP-Adv.

 

Q3

 

 

0.9%

 

1.9%

 

1.3%

 

Oct

08:30

Chain Deflator-Adv.

Q3

 

2.6%

2.0%

1.6%

 

                   

 

Date

 

ET

 

Release

 

For

 

Actual

Briefing.com Forecast

Briefing.com Consensus

 

Prior

Revised From

26

 

 

 

 

 

 

 

 

Oct 26

 

09:55

Michigan Sentiment - Final

 

Oct

 

 

82.5

 

83.1

 

83.1

 

 

 

MARKET PLACE

Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend U is Up

D is Down

PRD is Potential Reversal Day S2 is Weekly strong support S1 is Weekly good support DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on Sunday night

Levels are for the most active futures contract

Daily Support and Resistance

 

Trend

WS2

WS1

DS

DR

WR1

WR2

Dec ES

U

1390.25

1407.00

1395

1426

1450.0

0

1476

Dec Nasdaq

U

2587.50

2625.75

2643

2686

2740.5

0

2817

Dec Yen

 

D

124.73

125.61

124.96

125.70

127.31

128.45

Dec EC

 

U

127.76

129.03

129.30

130.55

131.52

132.74

DEC 10 Year

 

D

131.02

131.23

131.23

132.18

133.07

134.02

Dec 30 Year

 

D

144.06

145.25

146.03

148.11

149.17

151.16

Nov Soybeans

 

PRD(U)

14.55

14.94

15.36

15.62

15.54

15.95

Dec Corn

 

U

7.17

7.395

7.49

7.62

7.76

7.90

DEC Gold

 

D

1691.50

1706.50

1698

1725

1746

1770.50

Dec Silver

 

D

30.97

31.53

31.40

32.33

33.05

34.02

Dec Copper

 

D

353

358

353

362

372

381

Nov Crude

 

U

88.12

89.30

85.14

88.74

92.66

94.72

 

 

 

 

 

 

 

 

 

News