Cannon Trading Futures Blog: Daily Support and Resistance Levels
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
Treasury Secretary Snows' resignation sparked a large sell off to start the day and continue the bearish tone of the markets.
If you are trading bonds/ ten years etc. Starting tomorrow, you need to trade the September contract. Stock index traders (ES, NQ, ER2, YM) and currencies will get a later notice for roll over for this contracts. (June 8th)
LEVELS:
| Contract (June 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1292.10 | 1624.00 | 11366.00 | 741.93 |
| Resistance 2 | 1285.40 | 1613.00 | 11312.00 | 735.47 |
| Resistance 1 | 1272.70 | 1591.50 | 11208.00 | 723.43 |
| Pivot | 1266.00 | 1580.50 | 11154.00 | 716.97 |
| Support 1 | 1253.30 | 1559.00 | 11050.00 | 704.93 |
| Support 2 | 1246.60 | 1548.00 | 10996.00 | 698.47 |
| Support 3 | 1233.90 | 1526.50 | 10892.00 | 686.43 |
| | | | | |
| Contract (June 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.9260 | 1.3155 | 105 24/32 | 107 8/32 |
| Resistance 2 | 1.9069 | 1.3041 | 105 21/32 | 107 4/32 |
| Resistance 1 | 1.8954 | 1.2963 | 105 17/32 | 106 29/32 |
| Pivot | 1.8763 | 1.2849 | 105 14/32 | 106 25/32 |
| Support 1 | 1.8648 | 1.2771 | 105 10/32 | 106 18/32 |
| Support 2 | 1.8457 | 1.2657 | 105 7/32 | 106 14/32 |
| Support 3 | 1.8342 | 1.2579 | 105 3/32 | 106 7/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, May 31st, 2006
Economic
10:00am May Chicago Purchasing Manager (last 57.2)
02:00pm Minutes of May 10 FOMC Meeting
Events
MBA Mortgage Applications (7:00, last –6.0%). Fed's Geithner speaks at Financial Services Forum in NYC at 7:45am. ICSC/UBSW Chain Store Sales (7:45, last 3.6%). Redbook Retail Sales (8:55, last 3.3%). ADP Employment Report at 8:15am. Bear Stearns Biotech Conference in Boston. Citigroup Semiconductor conference in Boston through 6/1. Bernstein Strategic Decisions conference in NYC through 6/2. Cowen Technology conference in NYC through 6/2. Friedman Billings Growth Investor conference in NYC through 6/1. Same-Store Sales After the Close - AEOS ARO HOTT MW ZUMZ. Trading Ex-split: TLM 3-1, UMBF 2-1. Trades Ex-dividend: AIG $0.165, BAC $0.50, EP $0.04, MRK $0.38.
Earnings
Before the Open: COST GMTN PORK TIF. After the Close: ADCT DBRN GEF HOV NAVR NOVL SIGM.
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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