Cannon Trading Futures Blog: Daily Support and Resistance Levels
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
April was a strong month for equities (SP 500 was up almost 60 points/ approx. 4% !) but ended with one of the stronger corrections of late.
I think May could be a volatile month with action on both sides. As volatility increase, it is extremely important to review your money management rules and practices.
Hope everyone will enjoy a great trading month in May!
LEVELS:
| Contract (JUNE 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1513.87 | 1921.67 | 13272 | 847.17 |
| Resistance 2 | 1508.63 | 1912.83 | 13236 | 840.83 |
| Resistance 1 | 1498.67 | 1895.67 | 13174 | 829.17 |
| Pivot | 1493.43 | 1886.83 | 13138 | 822.83 |
| Support 1 | 1483.47 | 1869.67 | 13076 | 811.17 |
| Support 2 | 1478.23 | 1860.83 | 13040 | 804.83 |
| Support 3 | 1468.27 | 1843.67 | 12978 | 793.17 |
| | | | | |
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 689.33 | 1.3804 | 67.34 | 112 22/32 |
| Resistance 2 | 686.77 | 1.3754 | 66.97 | 112 7/32 |
| Resistance 1 | 685.13 | 1.3714 | 66.34 | 112 |
| Pivot | 682.57 | 1.3664 | 65.97 | 111 17/32 |
| Support 1 | 680.93 | 1.3624 | 65.34 | 111 10/32 |
| Support 2 | 678.37 | 1.3574 | 64.97 | 110 27/32 |
| Support 3 | 676.73 | 1.3534 | 64.34 | 110 20/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Tuesday, May 01, 2007
Economic
10:00am 00am Apr ISM Manufacturing (last 50.9), ISM Prices Paid (last 65.5), Mar Pending Home Sales (last 0.7%)
Events
ICSC/UBSW Chain Store Sales (7:45, last –2.0%). Redbook Retail Sales (8:55, last 0.0%). Pulmonary-Allergy Drugs Advisory committee meets at 8:00am. CMCSA, HEB, TDSC analyst meetings. Lehman Retail conference in NYC through 5/2. Fed's Bernanke speaks on Free Trade in Montana at 11:00am. Total Vehicle Sales (last 16.5M); Domestic Vehicle Sales (last 12.3M). ABC Consumer Confidence (last -7).
Earnings
Before the Open: ASF ALXN AMED APC AHG ARJ ADM ARM ADP AUXL AVP BNT BBW CE CEN COCO CRY RRD EFJI EMR EOG FORR RAIL FDP FCN GWR GEO HC HW HEP HOLX HBG HUN ITWO ICON IPSU IVC LANC LEXG LIZ MAG MRO MAS MHS MYGN NNDS NURO NMX PEI PER PPC PG PLD Q RCL SAF SGK SMG SINT SRP SIRI SAH JOE SHO TECH TUES UA UTHR VRX VNDA VIAC VNO WEC WYN. After the Close: ACS ALGT AW ACAS AMKR ANSR AMCC ATML AVR AXS BDN BEXP BWLD CEC CEPH CMG CQB COGT DENN DIVX DLLR DWA EXP EDR EQY EQR FOXH BGC GMR GPRO GYI HRS HSTX HLF HIW MOVE SOLD IVGN JLL KCP KFRC KRON LNC LPSN MANT MENT MET MOH NVT NCIT NWRE NVTL OII OIS MALL PLT PWER RNR RUTH SNTS SOHU SPSS STAA TE THRM UPL UNTD VOCS WPI WTS WBMD YUM.
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 ensure 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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