Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Another volatile day with the market moving quite fast at times. We made a new high but again did not have enough power to hold it and all indices, except the Dow closed lower.
It feels like we are getting heavy again at these levels.
LEVELS:
| Contract (JUNE 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1530.90 | 1955.33 | 13671 | 841.33 |
| Resistance 2 | 1525.20 | 1931.67 | 13594 | 835.67 |
| Resistance 1 | 1516.10 | 1924.83 | 13510 | 826.33 |
| Pivot | 1510.40 | 1901.17 | 13433 | 820.67 |
| Support 1 | 1501.30 | 1894.33 | 13349 | 811.33 |
| Support 2 | 1495.60 | 1870.67 | 13272 | 805.67 |
| Support 3 | 1486.50 | 1863.83 | 13188 | 796.33 |
| | | | | |
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 686.67 | 1.3723 | 64.61 | 111 27/32 |
| Resistance 2 | 680.83 | 1.3675 | 63.96 | 111 19/32 |
| Resistance 1 | 677.67 | 1.3641 | 63.56 | 111 7/32 |
| Pivot | 671.83 | 1.3593 | 62.91 | 110 31/32 |
| Support 1 | 668.67 | 1.3559 | 62.51 | 110 19/32 |
| Support 2 | 662.83 | 1.3511 | 61.86 | 110 11/32 |
| Support 3 | 659.67 | 1.3477 | 61.46 | 109 31/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, May 16, 2007
Economic
08:30am Apr Housing Starts (last 1.518M), Building Permits (last 1.564M)
09:15am Apr Industrial Production (last –0.2%), Capacity Utilization (last 81.4%)
10:30am Crude Oil/Gasoline/Distillate Inventories
Events
Bank of Japan policy meeting begins. MBA Mortgage Applications (7:00, last 3.6%). House Panel on Private Equity begins. Fed's Plosser moderates panel on Derivatives at 9:00am. Vaccines and Related Biological Products Advisory Committee meets at 9:00am. OC, SFG, SVN, WRI analyst meetings. Morgan Stanley Communications conference in DC through 5/16. Goldman Sachs Basic Materials conference in NYC through 5/17. DB Technology conference in SF through 5/17. Wedbush Institutional Investor conference in NYV through 5/17. BofA Small/Mid Cap conference in Boston through 5/17. Fed's Kohn speaks on Stability in Atlanta at 11:00am. Fed's Krosner speaks on Globalization in Argentina at 11:00am. Fed's Fisher speaks on Globalization in TX at 1:00pm. Trades Ex-dividend: AVP $0.185, HON $0.25, IP $0.25, MCO $0.08, UTX $0.265, WMT $0.22.
Earnings
Before the Open: CPA DE FD JBX MT CHUX REDF. After the Close: ACXM BEAS CTRP HPQ LDG MNT NAPS OPNT PETM CRM SPTN 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 / commodity broker
Cannon Trading Co Inc. - home of online futures trading
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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