Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Fed's Bernanke comments midday sent the market down pretty fast. Bernanke comment pretty much went back to the stance that the Fed is not done raising rates yet and that the decision will be made based on economic data. Keep a close eye on 1688 price level on the June nasdaq. I think if we break this level, we may see deeper correction in the equity markets.
LEVELS:
| Contract (June 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1333.67 | 1743.00 | 11538.00 | 783.83 |
| Resistance 2 | 1328.03 | 1731.50 | 11499.00 | 779.17 |
| Resistance 1 | 1318.27 | 1712.00 | 11433.00 | 769.83 |
| Pivot | 1312.63 | 1700.50 | 11394.00 | 765.17 |
| Support 1 | 1302.87 | 1681.00 | 11328.00 | 755.83 |
| Support 2 | 1297.23 | 1669.50 | 11289.00 | 751.17 |
| Support 3 | 1287.47 | 1650.00 | 11223.00 | 741.83 |
| | | | | |
| Contract (June 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.8598 | 1.2844 | 106 3/32 | 107 23/32 |
| Resistance 2 | 1.8513 | 1.2788 | 105 28/32 | 107 12/32 |
| Resistance 1 | 1.8388 | 1.2708 | 105 16/32 | 106 25/32 |
| Pivot | 1.8303 | 1.2652 | 105 9/32 | 106 14/32 |
| Support 1 | 1.8178 | 1.2572 | 104 30/32 | 105 27/32 |
| Support 2 | 1.8093 | 1.2516 | 104 23/32 | 105 16/32 |
| Support 3 | 1.7968 | 1.2436 | 104 11/32 | 104 29/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Tuesday, May 2nd, 2006
Economic
10:00am Mar Pending Home Sales (last –0.8%)
Events
ICSC/UBSW Chain Store Sales (7:45, last 3.9%). Redbook Retail Sales (8:55, last 4.6%). Goldman Sachs Coal and Alternative Energy Conference in NYC. CSFB Offshore Technology Conference in Houston through 5/3. CSFB Semiconductor/Semi Cap Equipment Conference in NYC through 5/3. DB Healthcare Conference in Boston through 5/3. Lehman Retail Conference in NYC through 5/3. Apr Total Vehicle Sales (last 16.6M), Domestic Vehicle Sales (last 13.1M). ABC Consumer Confidence (last -11).
Earnings
Before the Open: LEND ASF AL AMED ACAS ARJ ADM BWNG CMX CHTR CKP CNH DTPI DRAD RRD DUK ECLP EMR ETR EOP EVVV FPL FDP IT GWR GCA GPI HTV HSII HLT INFS IACI ICE IRM KSU LEXG LTR MLM MAS TAP MYGN BABY FLYR NURO GAS NBL NAT OSK OSG PFGC PER PPC SAFC SEIC SRE SINT SIRI SPC JOE STA SHOO TBL TXU UTHR VZ VIAC VSH VC VTAL. After the Close: AAW MDRX ANSR APL AVL NILE BEXP BRKS CLZR CAPA CEDC CENX CEPH CYT DWA DRRX DRCO EXP EDS EAC ENZN GNSS GPRO HOMS IKAN IRBT KFRC XPRT LNC MVSN NBP OKE OPEN OSUR PDLI PLT PWAV PWEI DSS RNR SNCI SPSS STAA SBUX STKL SBL THOR TWTC WBMD WMS.
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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