Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Rollover day was extremely volatile this time around with a combined volume of almost 3 million between the June and Sept. contracts on the mini SP.
I don't even want to try and predict whats next in this market but I will observe that we have witnessed two types of sell offs in the last few months:
"minor ones" 25-50 points in a matter of a few days followed by a strong push up.
"Major ones" 80-100 points in a amtter of a few weeks.
So far we have sold about 50 points from the recent highs......1490-1494 functions as a support band for now.
trade well and remember that September is the front month for all indices.
LEVELS:
| Contract (SEPT. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1554.30 | 1972.83 | 13777 | 857.67 |
| Resistance 2 | 1543.50 | 1959.42 | 13693 | 852.33 |
| Resistance 1 | 1523.60 | 1933.33 | 13537 | 841.67 |
| Pivot | 1512.80 | 1919.92 | 13453 | 836.33 |
| Support 1 | 1492.90 | 1893.83 | 13297 | 825.67 |
| Support 2 | 1482.10 | 1880.42 | 13213 | 820.33 |
| Support 3 | 1462.20 | 1854.33 | 13057 | 809.67 |
| | | | | |
| Contract | August Gold | June Euro | July Crude Oil | Sept. Bonds |
| Resistance 3 | 685.97 | 1.3582 | 69.15 | 108 18/32 |
| Resistance 2 | 680.73 | 1.3550 | 68.28 | 108 3/32 |
| Resistance 1 | 672.97 | 1.3491 | 67.60 | 107 16/32 |
| Pivot | 667.73 | 1.3459 | 66.73 | 107 1/32 |
| Support 1 | 659.97 | 1.3400 | 66.05 | 106 14/32 |
| Support 2 | 654.73 | 1.3368 | 65.18 | 105 31/32 |
| Support 3 | 646.97 | 1.3309 | 64.50 | 105 12/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, June 08, 2007
Economic
08:30am Apr Trade Balance (last -$63.9B)
09:00am Jun RBC Cash Index (last 87.1)
Events
WTM analyst meeting. Citigroup Utilities conference in SC through 6/8. Trading Ex-split: EPIQ 3-2, PMFG 2-1. Trades Ex-dividend: CI $0.03.
Earnings
Before the Open: KWD MTN. After the Close: None.
*Note all time are EST (GMT-5). ANY AND ALL TIMES AND DATES ARE SUBJECT
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@cannontrading.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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