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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Monday, June 25, 2007

Futures Trading levels and Economic reports for June 26th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 

I feel like a broken record repeating myself about the volatility levels we are seeing, but if you are not using stops you are really exposing yourself for even higher degree of risk...

 

Looking at the SP cash chart we have a strong support level at today's low of 1492.68 (again I am referring to the cash index and not the correlating future contract).

 

This level matches the low from June 12th. Some may say it is a double bottom if we hold, which very well could be but if we break below this level, the next support basis the cash index comes at 1487.40 which is the low made on June 8th.

 

Good trading!

 
LEVELS:
 
Contract (SEPT. 2007)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1548.07 1978.17 13778 857.83
Resistance 2 1537.93 1968.33 13687 851.42
Resistance 1 1525.77 1946.67 13584 843.33
Pivot 1515.63 1936.83 13493 836.92
Support 1 1503.47 1915.17 13390 828.83
Support 2 1493.33 1905.33 13299 822.42
Support 3 1481.17 1883.67 13196 814.33
         
Contract  August Gold Sept. Euro August Crude Oil Sept. Bonds 
Resistance 3 661.67 1.3551 71.80 107 26/32
Resistance 2 659.03 1.3532 70.63 107 14/32
Resistance 1 656.87 1.3516 69.90 107  8/32
Pivot 654.23 1.3497 68.73 106 28/32
Support 1 652.07 1.3481 68.00 106 22/32
Support 2 649.43 1.3462 66.83 106 10/32
Support 3 647.27 1.3446 66.10 106  4/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Tuesday, June 26, 2007


Economic
9:00 April S&P/CS Composite (last –1.4%))
10:00 June Richmond Fed Manufacturing Index (last –10), May New Home Sales (last 981K), June Consumer Confidence (last 108)
1:00 Treasury announces $18 2-year note auction results
Events
ICSC/UBSW Chain Store Sales (7:45, last –0.1%). Redbook Retail Sales (8:55, last 2.0%). Fed's Moskow speaks in Chicago at 12:30. Jefferies Healthcare Conference. ABC Consumer Confidence (last ). IP Lock-up: DSX Trades Ex-split: OMC 2-1.
Earnings
Before the Open: APOL KR LEN SCS SRR After the Close: APOG AVAV EXFO FUL NKE ORCL.
 
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. 
 

posted by Cannon Trading at 1:25 PM

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