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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Wednesday, February 15, 2006

Trading levels and reports for Feb 16th

 
 
 
Dear Trader,
 
What I wrote yesterday about market behavior holds true again and worth writing again....
 

Today we saw more signs of what I believe to be increased volatility coming back into the SP futures (and other stock index futures) on an intraday basis. I think that for the most part 2005 was missing intraday volatility and was the main reason many systems and traders had a hard time. If I am correct and volatility picks up intraday , it should be a good thing for day-traders as day-traders need intraday range wide enough to execute their set ups. On the same token, increased volatility also demands better money management on the part of the trader. It does not take much to get “killed“ in a volatile day and loss a large percentage of your account in one day.

 

Be smart, be ready and always make sure you stay alive to trade another day…..

 
LEVELS:
 
Contract (March 2006)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1296.70 1710.33 11186.33 739.33
Resistance 2 1290.20 1696.67 11135.67 733.17
Resistance 1 1286.00 1687.33 11104.33 729.83
Pivot 1279.50 1673.67 11053.67 723.67
Support 1 1275.30 1664.33 11022.33 720.33
Support 2 1268.80 1650.67 10971.67 714.17
Support 3 1264.60 1641.33 10940.33 710.83
         
Contract (March 2006) British Pound Euro Ten Years  US Bonds 
Resistance 3 1.7585 1.2039 108 10/32 113  5/32
Resistance 2 1.7538 1.2006 108  4/32 112 27/32
Resistance 1 1.7469 1.1955 107 29/32 112 17/32
Pivot 1.7422 1.1922 107 23/32 112  7/32
Support 1 1.7353 1.1871 107 16/32 111 29/32
Support 2 1.7306 1.1838 107 10/32 111 19/32
Support 3 1.7237 1.1787 107  3/32 111  9/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 
 

Thursday, February 16, 2006

Economic
08:30am Initial Jobless Claims (last 277K), Jan Import Price Index (last –0.2%), Housing Starts (last 1.93M), Building Permits (last 2.08M)
10:00am Bernanke Report to Senate Banking Committee on Economy and Fed Policy
10:30am Natural Gas Inventories
11:00am Treasury's 2-year and 5-year Note funding announcements
12:00pm Feb Philadelphia Fed (last 3.3)
Events
Lehman Industrial Select Conference in Miami through 2/16. Merrill Lynch Insurance Conference in NYC through 2/16. UBS Natural Gas & Electric Utilities Conference in NYC through 2/16. DB Small Cap Growth Conference in FL through 2/17. Fed's Poole speaks on Inflation Targeting in AR at 1:00pm. Fed's Pianalto speaks in OH at 8:00pm. Trading Ex-split: CLDN 3-2, JOSB 5-4.
Earnings
Before the Open: ACW ASF AAP ANSS AVCI BHI BBW CE CRYP EEEE GLBL GT GMCR GES INCY ILSE JCP LH LMS LF LTR MKSI NCI NSTC NTGR PXR PCLN PLD RS RJET RML POOL STRA TGT TKLC VCI VTAL OATS XMSR. After the Close: ADIC AEIS AMMD ARBX ADBL BIO BLKB BRCD BUCY COG CAPA DELL DITC HITT INTU ISLE LEXR LTXX NVDA PEET PGI PSYS RRGB WINS SAPE SIMG WPI WTW UBET.
Note all time are EST. ANY AND ALL TIMES AND DATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. INFORMATION HAS BEEN TAKEN FROM SOURCES DEEMED TO BE RELIABLE, BUT NO ASSURANCES CAN BE MADE TO THE ACCURACY OF ANY OF THIS INFORMATION.
 
 

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 herein 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!

posted by Cannon Trading at 2:21 PM

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