Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
The last few weeks have been one of the choppiest times I have seen these last few months. The market has been locked in a consoldiation phase between 1300 to 1321 as part of a bigger picture up trend. market is still longer term bullish with possible targets at 1327 and 1336, as long as we can hold 1300. Tomorrow's un-employment report may be a strong number which can increase volatility. For now, I would try to trade the ranges until I can see that the market is breaking out one way or another.
LEVELS:
| Contract (June 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1331.67 | 1783.00 | 11398.00 | 781.58 |
| Resistance 2 | 1325.93 | 1772.50 | 11353.00 | 777.17 |
| Resistance 1 | 1321.47 | 1763.00 | 11314.00 | 774.58 |
| Pivot | 1315.73 | 1752.50 | 11269.00 | 770.17 |
| Support 1 | 1311.27 | 1743.00 | 11230.00 | 767.58 |
| Support 2 | 1305.53 | 1732.50 | 11185.00 | 763.17 |
| Support 3 | 1301.07 | 1723.00 | 11146.00 | 760.58 |
| | | | | |
| Contract (June 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.7710 | 1.2498 | 106 25/32 | 109 17/32 |
| Resistance 2 | 1.7662 | 1.2442 | 106 20/32 | 109 8/32 |
| Resistance 1 | 1.7602 | 1.2363 | 106 14/32 | 108 30/32 |
| Pivot | 1.7554 | 1.2307 | 106 9/32 | 108 21/32 |
| Support 1 | 1.7494 | 1.2228 | 106 3/32 | 108 11/32 |
| Support 2 | 1.7446 | 1.2172 | 105 30/32 | 108 2/32 |
| Support 3 | 1.7386 | 1.2093 | 105 24/32 | 107 24/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, Apr 7th, 2006
Economic
08:30am Mar Unemployment Rate (last 4.8%), Change in Nonfarm Payrolls (last 243K), Change in Manufact. Payrolls (last –1K), Average Hourly Earnings (last 0.3%), Average Weekly Hours (last 33.7)
10:00am Feb Wholesale Inventories (last 0.1%)
03:00pm Feb Consumer Credit (last $3.9B)
Events
ESRX Investor Day. Trading Ex-split: NVDA 2-1.
Earnings
Before the Open: AZZ. After the Close: None.
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.
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