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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Monday, March 06, 2006

Trading levels and reports for March 7th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 

I think that the bears have the upper hand now, at least for a bit. After making new high and failing very quickly on Friday, we were able to go ahead and push the market lower today. It will be quite interesting to see if there is any follow through tomorrow. The last week or two or this market has been quite choppy with out much of a direction and trading on what I call “counter trend” style was beneficial. However, we may see that change if we break the 1273 area.

 
LEVELS:
 
Contract (March 2006)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1300.80 1718.17 11136.67 747.25
Resistance 2 1295.30 1706.33 11087.33 743.25
Resistance 1 1287.50 1690.67 11023.67 737.25
Pivot 1282.00 1678.83 10974.33 733.25
Support 1 1274.20 1663.17 10910.67 727.25
Support 2 1268.70 1651.33 10861.33 723.25
Support 3 1260.90 1635.67 10797.67 717.25
         
Contract (March 2006) British Pound Euro Ten Years  US Bonds 
Resistance 3 1.7609 1.2081 107  6/32 111 20/32
Resistance 2 1.7577 1.2059 107  3/32 111 13/32
Resistance 1 1.7534 1.2041 106 30/32 111  2/32
Pivot 1.7502 1.2019 106 27/32 110 27/32
Support 1 1.7459 1.2001 106 22/32 110 16/32
Support 2 1.7427 1.1979 106 19/32 110  9/32
Support 3 1.7384 1.1961 106 14/32 109 30/32
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Tuesday, March 07, 2006

Economic
08:30am Final Q4 Nonfarm Productivity (last –0.6%), Unit Labor Costs (last 3.5%)
09:00am Bank of Canada Rate decision
03:00pm Jan Consumer Credit (last $3.3B)
Events
ICSC/UBSW Chain Store Sales (7:45, last 3.2%). Redbook Retail Sales (8:55, last 2.9%). Peripheral and Central Nervous System Drugs Advisory Committee meeting at 8:00am through 3/8(BIIB/ELN Tysabri is the topic). Morgan Stanley Semiconductor & Systems Conference in CA through 3/8. Raymond James Institutional Investors Conference in Orlando through 3/8. SG Cowen Healthcare Conference in Boston through 3/9. Citigroup Global Industrial Manufacturing Conference in NYC through 3/8. JMP Securities Research Conference in SF through 3/9. Bear Stearns Retail, Restaurants & Consumer Conference in NYC through 3/10. Fed's Moskow speaks at University of Chicago Business School at 6:45pm. ABC Consumer Confidence (last -12). Trades Ex-dividend: HD 1.42.
Earnings
Before the Open: ABS DKS EIX FCEL KFY KR LIFC NOVN PSTI SALM SEH TSA SRZ URI. After the Close: ADEX BLTI SAM COO CPRT FLML MATK OSIP PEGS PIXR SGDE TTWO.
 
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!

Sincerely,

Ilan Levy-Mayer, M.B.A

Vice President
Cannon Trading Co Inc.
http://www.cannontrading.com
http://www.E-Futures.com
ilan@cannoncapital.com

Yahoo IM ilanlevy1970
310-859-9572
800-454-9572
Fax 310-859-0547
9301 Wilshire Blvd. Suite #614
Beverly Hills, Ca 90210

The finest compliment I can receive is a referral from a trusted client.
 
* Important Please Note: 
Trading commodity futures and options involves substantial risk of loss. 
The recommendations contained in this letter is of opinion only and does not guarantee any profits.
These are risky markets and only risk capital should be used.
Past performances are not necessarily indicative of future results. 
 

posted by Cannon Trading at 1:20 PM

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