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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Thursday, March 15, 2007

Trading levels and reports for March 16th+ note on triple witching

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Trading video example by Mike Reed who is a colleague of mine at:
 
 

From Mike Reed's www.tradestalker.com desk:

"This last Thursday, March 8th, I captured live on audio/video just how I traded against resistance. It's an excellent illustration on how to enter a trade against fixed resistance.

The ES pulled back to 1419.00 after the entry shown, and then tested 1421.75 one last time around 1:40 pm on Thursday, then the bottom fell out.

You can go here now to view the audio/video: WATCH VIDEO

Last May we published "Read the Greed-Take the Money" - an e-book which contains 17 of my personally developed "setups" that I use in my trading. These setups appear every day in one form or another. "

Disclaimer: 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!
 
Triple Witching: from http://www.investopedia.com
An event that occurs when the contracts for stock index futures, stock index options and stock options all expire on the same day. Triple witching days happen four times a year: the third Friday of March, June, September and December.

This phenomenon is sometimes referred to as "freaky Friday".
 
The final trading hour for that Friday is the hour known as triple witching. The markets are quite volatile in this final hour, as traders are quickly offsetting their option/futures orders before the closing bell. If you are a long-term investor, triple witching will have a minimal impact on you.
 
LEVELS:
 
Contract (JUNE 2007)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1420.27 1785.00 12382 800.42
Resistance 2 1414.23 1778.00 12333 795.33
Resistance 1 1409.37 1771.25 12297 792.67
Pivot 1403.33 1764.25 12248 787.58
Support 1 1398.47 1757.50 12212 784.92
Support 2 1392.43 1750.50 12163 779.83
Support 3 1387.57 1743.75 12127 777.17
         
Contract  April Gold March Euro April Crude Oil June Bonds 
Resistance 3 656.90 1.3366 59.12 113 17/32
Resistance 2 654.10 1.3334 58.78 113  9/32
Resistance 1 650.60 1.3308 58.17 113  2/32
Pivot 647.80 1.3276 57.83 112 26/32
Support 1 644.30 1.3250 57.22 112 19/32
Support 2 641.50 1.3218 56.88 112 11/32
Support 3 638.00 1.3192 56.27 112  4/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Friday, Mar 16th, 2007


Economic
08:30am Feb Consumer Price Index (last 0.2%), CPI Ex Food & Energy (last 0.3%), CPI NSA (last 202.4)
09:15am Feb Industrial Production (last –0.5%), Capacity Utilization (last 81.2%)
10:00am Mar Preliminary U. of Michigan Confidence (last 91.3)
Events
Trading Ex-split: CBE 2-1, JEC 2-1.
Earnings
Before the Open: ANN CNTY CYPB IMAX JRCC KWD KIRK. After the Close: DEIX MED.
 
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. 
 

posted by Cannon Trading at 1:19 PM

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