Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Another high volume day (2,000,000 + contracts on the ES) with strong action in both directions but we finished right on the lows as the stock market is really getting the cue right now from bonds which are discounting a rate hike.
Follow bonds while trading the indices as a supportive tool.
LEVELS:
| Contract (SEPT. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1541.70 | 1958.00 | 13685 | 848.17 |
| Resistance 2 | 1534.20 | 1948.00 | 13628 | 844.08 |
| Resistance 1 | 1521.60 | 1933.00 | 13525 | 835.92 |
| Pivot | 1514.10 | 1923.00 | 13468 | 831.83 |
| Support 1 | 1501.50 | 1908.00 | 13365 | 823.67 |
| Support 2 | 1494.00 | 1898.00 | 13308 | 819.58 |
| Support 3 | 1481.40 | 1883.00 | 13205 | 811.42 |
| | | | | |
| Contract | August Gold | June Euro | July Crude Oil | Sept. Bonds |
| Resistance 3 | 662.07 | 1.3456 | 66.45 | 106 20/32 |
| Resistance 2 | 659.03 | 1.3434 | 66.05 | 106 12/32 |
| Resistance 1 | 656.07 | 1.3394 | 65.70 | 105 27/32 |
| Pivot | 653.03 | 1.3372 | 65.30 | 105 19/32 |
| Support 1 | 650.07 | 1.3332 | 64.95 | 105 2/32 |
| Support 2 | 647.03 | 1.3310 | 64.55 | 104 26/32 |
| Support 3 | 644.07 | 1.3270 | 64.20 | 104 9/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, June 13, 2007
Economic
08:30am May Import Price Index (last 1.3%), Advance Retail Sales (last –0.2%), Retail Sales Less Autos (last 0.0%)
10:00am Apr Business Inventories (last –0.1%)
10:30am Crude Oil/Gasoline/Distillate Inventories
02:00pm Fed's Beige Book
Events
MBA Mortgage Applications (7:00, last –1.7%). Endocrinologic and Metabolic Drugs Advisory committee meets at 8:00am. Fed's Geithner speaks on Asia, Economy & Finance in Singapore at 8:40am. HIG, LEAP analyst meetings. Goldman Sachs Global Healthcare conference in CA through 6/14. Morgan Stanley Small Cap Exec conference in NYC through 6/14. Needham Biotechnology/Medical Tech conference in NYC through 6/14. Fed's Fisher speaks on Texas Economy in Dallas at 1:00pm. Trades Ex-dividend: BDK $0.42, KO $0.34, MO $0.69.
Earnings
Before the Open: None. After the Close: CASY SEH.
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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