Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
The next few days will be full of notable companies reporting earnings. So far, I will still classify this last few days as trading within a range. Major resistance at 1441-1444 on the March SP can be the catalyst for the next range, i.e. a break of this level can send us into new highs very quickly, while a failure will act as double top based on the hourly and will provide momentum for the market to head back towards the 1425 area followed by 1410.
LEVELS:
| Contract (March 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1449.37 | 1819.33 | 12708 | 807.93 |
| Resistance 2 | 1443.63 | 1811.17 | 12654 | 800.47 |
| Resistance 1 | 1439.47 | 1799.33 | 12621 | 794.93 |
| Pivot | 1433.73 | 1791.17 | 12567 | 787.47 |
| Support 1 | 1429.57 | 1779.33 | 12534 | 781.93 |
| Support 2 | 1423.83 | 1771.17 | 12480 | 774.47 |
| Support 3 | 1419.67 | 1759.33 | 12447 | 768.93 |
| | | | | |
| Contract | April Gold | March Euro | March Crude Oil | March Bonds |
| Resistance 3 | 656.77 | 1.3222 | 57.88 | 111 12/32 |
| Resistance 2 | 651.83 | 1.3149 | 56.51 | 111 6/32 |
| Resistance 1 | 648.87 | 1.3106 | 55.78 | 110 25/32 |
| Pivot | 643.93 | 1.3033 | 54.41 | 110 19/32 |
| Support 1 | 640.97 | 1.2990 | 53.68 | 110 6/32 |
| Support 2 | 636.03 | 1.2917 | 52.31 | 110 |
| Support 3 | 633.07 | 1.2874 | 51.58 | 109 19/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, Jan 24th, 2007
Economic
10:30am Crude Oil/Gasoline/Distillate Inventories
01:00pm Treasury's 2-year Note auction results
Events
MBA Mortgage Applications (7:00, last –0.6%). Advisory Committee for Reproductive Health Drugs meets at 8:30am. CORS replaces DTAS in S&P Smallcap 600 after the close. Trades Ex-dividend: CL $0.32.
Earnings
Before the Open: FLWS ABT AMG APD ALB ATI ABC AME ACAT ABFS ASH AVX CHKP CPS CNH COP CVG GLW CFR DSPG EPD ETH EXC XJT FCFS GD HSY KMT LCRY MKC MCD MWRK NSC NYB PMTC PJC PX RGS ROK SAP SSCC TDW UIS VTRU WAT WLP. After the Close: ACXM ACF ARBA ASIA EPAY CBT CLDN CVD CBST EGLT EBAY FFIV FIC FDC HXL HTCH ISIL KEX LSI MTH MIPS MGI MTSC NFLX NETL NVLS PRXL PTEC PLXS PLCM PSSI QCOM RYL SMTL SSTI STTS SNS SRDX SWFT SYMC TALX TER TXT VARI VAR WSTL.
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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