Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
This is looking more and more like a bear environment. We see strong trend downs with sharp short covering rallies. Today we had a 10 point up move on the SP in less than 10 Minutes! only to fizzle towards the end and make a new low.
Volatile and risky environment for those of you who do NOT use stops. Be careful.
LEVELS:
| Contract (Sept. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1269.00 | 1575.17 | 11066.67 | 711.50 |
| Resistance 2 | 1262.00 | 1565.33 | 11008.33 | 704.50 |
| Resistance 1 | 1246.00 | 1549.42 | 10891.67 | 690.50 |
| Pivot | 1239.00 | 1539.58 | 10833.33 | 683.50 |
| Support 1 | 1223.00 | 1523.67 | 10716.67 | 669.50 |
| Support 2 | 1216.00 | 1513.83 | 10658.33 | 662.50 |
| Support 3 | 1200.00 | 1497.92 | 10541.67 | 648.50 |
| | | | | |
| Contract (Sept 2006) | British Pound | Euro | Ten Years | US Bonds |
| Resistance 3 | 1.8597 | 1.2761 | 106 11/32 | 108 30/32 |
| Resistance 2 | 1.8549 | 1.2728 | 106 7/32 | 108 22/32 |
| Resistance 1 | 1.8457 | 1.2674 | 106 3/32 | 108 16/32 |
| Pivot | 1.8409 | 1.2641 | 105 30/32 | 108 8/32 |
| Support 1 | 1.8317 | 1.2587 | 105 26/32 | 108 2/32 |
| Support 2 | 1.8269 | 1.2554 | 105 22/32 | 107 26/32 |
| Support 3 | 1.8177 | 1.2500 | 105 18/32 | 107 20/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, Jun 14th, 2006
Economic
08:30am May Consumer Price Index (last 0.6%), CPI Ex Food & Energy (last 0.3%), CPI NSA (last 201.5)
10:30am Crude Oil/Gasoline/Distillate Inventories
02:00pm Fed's Beige Book
Events
MBA Mortgage Applications (7:00, last –1.4%). Piper Jaffray Global Internet Summit in Laguna Nigel through 6/14. Pacific Growth Equities Life Sciences Growth conference in SF through 6/14. DB Media/Telecom conference in Santa Monica through 6/14. CIBC Industrial Products/Capital Goods conference in NYC through 6/14. CS Consumer and Retail conference in NYC through 6/14. Goldman Sachs Healthcare conference in CA through 6/15. Merrill Lynch Global Transportation conference in NYC through 6/15. Needham Biotech/Medical Tech conference in NYC through 6/15. Morgan Stanley SmallCap Executive conference in NYC through 6/16. Fed's Bies speaks at Mortgage Bankers conference in CA at 11:30am. Fed's Fisher speaks on U.S. Economy in TX at 1:00pm. Fed's Minehan gives Welcome Remarks at banks's conference in MA at 7:00pm. Trades Ex-dividend: BDK $0.38.
Earnings
Before the Open: SMTS. After the Close: LGF PARL.
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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