Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Both volume and volatility returned to the markets on its first full trading day of 2007. The SP had a 22 point range, which we have not seen in a while, crude oil was down $3 at one time and other markets saw action as well.
Traders usually look for volatility, but keep in mind it's a double edge sword that requires you to be disciplined with your stops and money management.
LEVELS:
| Contract (March 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1460.70 | 1898.33 | 12823 | 823.78 |
| Resistance 2 | 1450.10 | 1854.67 | 12737 | 813.77 |
| Resistance 1 | 1438.20 | 1834.83 | 12641 | 804.23 |
| Pivot | 1427.60 | 1791.17 | 12555 | 794.22 |
| Support 1 | 1415.70 | 1771.33 | 12459 | 784.68 |
| Support 2 | 1405.10 | 1727.67 | 12373 | 774.67 |
| Support 3 | 1393.20 | 1707.83 | 12277 | 765.13 |
| | | | | |
| Contract | Feb. Gold | March Euro | Feb. Crude Oil | March Bonds |
| Resistance 3 | 662.13 | 1.3442 | 61.43 | 112 31/32 |
| Resistance 2 | 654.67 | 1.3388 | 60.74 | 112 20/32 |
| Resistance 1 | 642.23 | 1.3298 | 59.53 | 112 9/32 |
| Pivot | 634.77 | 1.3244 | 58.84 | 111 30/32 |
| Support 1 | 622.33 | 1.3154 | 57.63 | 111 19/32 |
| Support 2 | 614.87 | 1.3100 | 56.94 | 111 8/32 |
| Support 3 | 602.43 | 1.3010 | 55.73 | 110 29/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Thursday, Jan 4th, 2007
Economic
07:30am Dec Challenger Job Cuts (last –22.7%)
08:30am Initial Jobless Claims (last 317K)
10:00am Dec ISM Non-manufacturing (last 58.9), Nov Pending Home Sales (last –1.7%), Factory Orders (last –4.7%)
10:30am Crude Oil/Gasoline/Distillate Inventories
Events
Same-Store Sale Reports Before the Open - including ANN ANF BEBE BJ CHRS CHS COST CVS DDS DG FDO FD GPS GES GYMB JCP JOSB JWN KSS LTD NWY PIR PLCE PSUN ROST SKS SHRP SMRT TLB TGT TJX WMT.
Earnings
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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