Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
It has been a while since we have seen a one directional day like we saw today. Volume was not strong though. Most of the times that means a pull back the next day but I would not bet on it with elections taking place.
bottom line is you must trade what the market gives you and not what you want the market to give you.
Tuesday is Election Day in the U.S.
LEVELS:
| Contract (Dec.. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1403.10 | 1776.00 | 12293.67 | 781.27 |
| Resistance 2 | 1394.70 | 1761.00 | 12220.33 | 774.88 |
| Resistance 1 | 1389.40 | 1750.00 | 12176.67 | 770.57 |
| Pivot | 1381.00 | 1735.00 | 12103.33 | 764.18 |
| Support 1 | 1375.70 | 1724.00 | 12059.67 | 759.87 |
| Support 2 | 1367.30 | 1709.00 | 11986.33 | 753.48 |
| Support 3 | 1362.00 | 1698.00 | 11942.67 | 749.17 |
| | | | | |
| Contract (Dec. 2006) | Dec. Gold | Euro | Dec. Crude Oil | Dec. US Bonds |
| Resistance 3 | 635.7667 | 1.2799 | 61.93 | 112 8/32 |
| Resistance 2 | 632.8333 | 1.2777 | 61.24 | 112 |
| Resistance 1 | 630.3667 | 1.2763 | 60.63 | 111 28/32 |
| Pivot | 627.4333 | 1.2741 | 59.94 | 111 20/32 |
| Support 1 | 624.9667 | 1.2727 | 59.33 | 111 16/32 |
| Support 2 | 622.0333 | 1.2705 | 58.64 | 111 8/32 |
| Support 3 | 619.5667 | 1.2691 | 58.03 | 111 4/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Tuesday, Nov 7th, 2006
Economic
03:00pm Sep Consumer Credit (last $5.0B)
Events
ICSC/UBSW Chain Store Sales (7:45, last 1.5%). Redbook Retail Sales (8:55, last 3.4%). BEE, VAR analyst meetings. CIBC Healthcare conference in NYC through 11/8. Goldman Sachs Software/IT Services conference in NYC through 11/8. Rodman & Renshaw Healthcare conference in NYC through 11/8. Raymond James Fall Investor conference in Boston. Baird Industrial conference in Chicago through 11/8. TOL mid-Q update. ABC Consumer Confidence (last -3).
Earnings
Before the Open: ALY APC BZH BBG BLTI BIOS CSE GRRF CHD CZN CTCO CMLS DF RRD DRC DISH EMAG EMR EXPD FCL FRO GDP GTI HW HOLX KPA IGT VTIV KOPN MGA MOG.A MYGN NTBK NOOF NT OPTN PFGC PEC PNCL PLMD REDF REV RKT SLXP SLE SBSA STE SNHY SRZ THC TEVA VSE WCI OATS. During Trading Hours: SAM. After the Close: ALJ AZPN BBBB BEXP CPE CECO CTIC COSI CRAY DSX DESC DTSI EAGL SRVY LEAP LEV MOH NFI OSIS PDII PEET PSTI PLA PL SAPE SVR TWTC TRMS TRLG UDRL WPI WXS WYNN UBET.
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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