Cannon Trading Futures Blog: Daily Support and Resistance Levels
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
The market is taking more and more of a bearish tone as rallies keep failing. The nice thing about the market in the last few weeks is that volatility is picking up which allows more room for day-traders. However, the increased volatility while provides better day-trading ranges, also holds much more risk. Use SOUND MONEY MANAGEMENT so you can survive in this tough trading game.
LEVELS:
| Contract (June 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1293.37 | 1638.92 | 11331.67 | 745.10 |
| Resistance 2 | 1284.93 | 1622.83 | 11278.33 | 737.30 |
| Resistance 1 | 1268.87 | 1595.67 | 11171.67 | 722.10 |
| Pivot | 1260.43 | 1579.58 | 11118.33 | 714.30 |
| Support 1 | 1244.37 | 1552.42 | 11011.67 | 699.10 |
| Support 2 | 1235.93 | 1536.33 | 10958.33 | 691.30 |
| Support 3 | 1219.87 | 1509.17 | 10851.67 | 676.10 |
| | | | | |
| Contract (June 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.8998 | 1.2974 | 105 25/32 | 107 16/32 |
| Resistance 2 | 1.8946 | 1.2938 | 105 22/32 | 107 10/32 |
| Resistance 1 | 1.8888 | 1.2900 | 105 20/32 | 107 5/32 |
| Pivot | 1.8836 | 1.2864 | 105 17/32 | 106 31/32 |
| Support 1 | 1.8778 | 1.2826 | 105 14/32 | 106 26/32 |
| Support 2 | 1.8726 | 1.2790 | 105 11/32 | 106 20/32 |
| Support 3 | 1.8668 | 1.2752 | 105 9/32 | 106 15/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, May 24th, 2006
Economic
08:30am Apr Durable Goods Orders (last 6.5%), Durables Ex Transportation (last 3.1%)
09:00am Bank of Canada rate announcement
10:00am Apr New Home Sales (last 1.21M)
10:30am Crude Oil/Gasoline/Distillate Inventories
01:00pm Treasury's 2-year Note auction results
Events
MBA Mortgage Applications (7:00, last 4.6%). CVS, MXIM Analyst meeting. JPMorgan Technology conference in SF through 5/24. Morgan Stanley Media/Communications conference in DC through 5/24. UBS Enterprise Technology conference in NYC through 5/24. Goldman Sachs Basic Materials conference in NYC through 5/25. UBS Global Oil and Gas Conference in Austin through 5/25. Goldman Sachs Internet conference in Las Vegas through 5/25. Fed's Kroszner speaks to Journalists in DC at 11:45am.
Earnings
Before the Open: AZO DAKT DLTR EV FRED PSS POSS SYNO WSM. After the Close: BCSI CWTR CNVR DCI JLG MIK NTAP OPSW PETC PSSI NCTY TIVO.
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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