Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
We are about to enter the official period of "Holiday Trading" which starts this friday and will last until Jan. 3rd 2007.
Low volume is the main charectaristic of this period (less than 500,000 mini SP contracts traded today which is 50% of the daily avg.) and the results of lower volume can mean one of two extremes: tight, choppy range (like today?) or volatile, erratic sessions....
LEVELS:
| Contract (March 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1444.87 | 1829.00 | 12615 | 801.67 |
| Resistance 2 | 1442.63 | 1822.50 | 12596 | 798.58 |
| Resistance 1 | 1438.57 | 1810.00 | 12571 | 795.42 |
| Pivot | 1436.33 | 1803.50 | 12552 | 792.33 |
| Support 1 | 1432.27 | 1791.00 | 12527 | 789.17 |
| Support 2 | 1430.03 | 1784.50 | 12508 | 786.08 |
| Support 3 | 1425.97 | 1772.00 | 12483 | 782.92 |
| | | | | |
| Contract | Feb. Gold | March Euro | Feb. Crude Oil | March Bonds |
| Resistance 3 | 631.80 | 1.3361 | 65.06 | 112 27/32 |
| Resistance 2 | 629.50 | 1.3329 | 64.61 | 112 24/32 |
| Resistance 1 | 626.90 | 1.3277 | 64.16 | 112 21/32 |
| Pivot | 624.60 | 1.3245 | 63.71 | 112 18/32 |
| Support 1 | 622.00 | 1.3193 | 63.26 | 112 15/32 |
| Support 2 | 619.70 | 1.3161 | 62.81 | 112 12/32 |
| Support 3 | 617.10 | 1.3109 | 62.36 | 112 9/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Thursday, Dec 21st, 2006
Economic
08:30am Initial Jobless Claims (last 304K), Q3 Final GDP Annualized (last 2.2%), GDP Price Index (last 1.8%), Personal Consumption (last 2.9%), Core PCE Q/Q (last 2.2%)
10:00am Nov Leading Indicators (last 0.2%)
10:30am Natural Gas Inventories
11:00am Treasury's 2-year and 5-year Note funding announcement
12:00am Dec Philadelphia Fed (last 5.1)
Events
Fed's Lacker speaks on Economic Outlook in NC at 1:00pm. Trades Ex-dividend: GE $0.28.
Earnings
Before the Open: AGE AM CCL CMC CAG GIS NOBH RAD SMSC WOR. After the Close: EGLS RHT RIMM RECN SHFL SLR TIBX.
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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