Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Still a close race between the bulls and the bears. Market made a new high, then headed in what seemed to be a "key reversal" downward only to find support and finish a bit higher.
What does that mean for tomorrow? Look for increased volatility and be ready for two sided trading day.
LEVELS:
| Contract (March 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1465.17 | 1851.00 | 12808 | 828.33 |
| Resistance 2 | 1461.43 | 1838.50 | 12770 | 823.67 |
| Resistance 1 | 1458.07 | 1829.00 | 12737 | 821.33 |
| Pivot | 1454.33 | 1816.50 | 12699 | 816.67 |
| Support 1 | 1450.97 | 1807.00 | 12666 | 814.33 |
| Support 2 | 1447.23 | 1794.50 | 12628 | 809.67 |
| Support 3 | 1443.87 | 1785.00 | 12595 | 807.33 |
| | | | | |
| Contract | April Gold | March Euro | March Crude Oil | March Bonds |
| Resistance 3 | 665.87 | 1.3111 | 61.87 | 111 22/32 |
| Resistance 2 | 663.83 | 1.3080 | 60.86 | 111 12/32 |
| Resistance 1 | 660.57 | 1.3058 | 59.28 | 111 6/32 |
| Pivot | 658.53 | 1.3027 | 58.27 | 110 28/32 |
| Support 1 | 655.27 | 1.3005 | 56.69 | 110 22/32 |
| Support 2 | 653.23 | 1.2974 | 55.68 | 110 12/32 |
| Support 3 | 649.97 | 1.2952 | 54.10 | 110 6/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Thursday, Feb 8th, 2007
Economic
07:00am Bank of England rate decision
07:45am ECB rate decision
08:30am Initial Jobless Claims (last 307K)
10:00am Dec Wholesale Inventories (last 1.3%)
10:30am Natural Gas Inventories
01:00pm Treasury's 30-year Bond auction results
Events
More January Same Store Sales expected before the open. EK, SNWL analyst meetings. Merrill Lynch Global Pharmaceutical, Biotech and Medtech conference in NYC through 2/8. Credit Suisse Energy Summit in Vail through 2/9. Trading Ex-split: GROW 2-1. Trades Ex-dividend: HET $0.40, LEH $0.15.
Earnings
Before the Open: AET LNT UHAL AIV STST ARQL AUO BECN BEC BDC BLC BRG BIVN BWA BG CSL FUN CVGI CNMD CXW DO DJO ESRX FLIR RAIL GCA HNT IPCC LII LVLT MAR MLM MMS MDTH MGPI MLNM MNC MPS MGAM NFX CHUX OHB PMTI PENN PEP QCCO Q RVSN ROLL RGC RAI SPH SFY SMA SMMX BRLC TMO TOC TBL TOL TRB VTNC WLT WMG WMI WW WIN. After the Close: KAR AATI AD ANDE AOC APLX ATR AGO AXCA BMC BORL BRCM ELY CALL CSTR COGO CORI CCI CW DRTE DRIV DIVX DRRX EQ ENER GTW GHCI SRVY GTRC IN ITMN LPNT LPSN MFE MTD NAPS NFS NVT NEW NUAN OO OTEX PNRA PHTN SFLY SIMG SPRT TWW TQNT UNTD VSTA BER GB.
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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