Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
The market is unable to make any significant bounce so far after two days of hard selling which to me shifts the bias towards the downside.
LEVELS:
| Contract (June 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1309.87 | 1660.00 | 11553.33 | 752.50 |
| Resistance 2 | 1305.63 | 1652.00 | 11520.67 | 748.50 |
| Resistance 1 | 1300.27 | 1640.50 | 11480.33 | 744.00 |
| Pivot | 1296.03 | 1632.50 | 11447.67 | 740.00 |
| Support 1 | 1290.67 | 1621.00 | 11407.33 | 735.50 |
| Support 2 | 1286.43 | 1613.00 | 11374.67 | 731.50 |
| Support 3 | 1281.07 | 1601.50 | 11334.33 | 727.00 |
| | | | | |
| Contract (June 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.9098 | 1.3020 | 105 27/32 | 107 13/32 |
| Resistance 2 | 1.9003 | 1.2958 | 105 19/32 | 106 30/32 |
| Resistance 1 | 1.8945 | 1.2922 | 105 14/32 | 106 22/32 |
| Pivot | 1.8850 | 1.2860 | 105 5/32 | 106 7/32 |
| Support 1 | 1.8792 | 1.2824 | 105 | 105 31/32 |
| Support 2 | 1.8697 | 1.2762 | 104 24/32 | 105 16/32 |
| Support 3 | 1.8639 | 1.2726 | 104 19/32 | 105 8/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, May 17th, 2006
Economic
08:30am Apr Consumer Price Index (last 0.4%), CPI Ex Food & Energy (last 0.3%), CPI NSA (last 199.8)
10:30am Crude Oil/Gasoline/Distillate Inventories
Events
MBA Mortgage Applications (7:00, last –5.8%). Peripheral and Central Nervous System Drugs Advisory Committee meets at 8:00am. UBS Global Financial Services Conference in NYC through 5/17. Bear Stearns Global Credit Conference in NYC through 5/17. Fed's Minehan leads panel at Hedge Fund conference at 9:15am. BofA Healthcare Conference in Nevada through 5/18. BA, CC, DOX, EQIX, LSI, NVS, SFB, STTS, TGX, YHOO Analyst meetings. Trades Ex-dividend: HON $0.2269, MCO $0.07, UTX $0.265, WMT $0.1675. EQ-W replaces AMCC in S&P 500 at close of trading.
Earnings
Before the Open: BRC CHRS CPA LTON PBH RTLX ROST TLB TOO ZLC. After the Close: ACXM BEAS CTRP EXM FL GYMB HOTT INTU LDG MW NAPS OPNT PETM CRM SNDA SNPS ZUMZ.
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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