Futures Trading levels and Economic reports for July 2nd
Another volatile session, maybe even the most volatile in a few weeks. Market started the day going up, following the FOMC yesterday and early morning reports. Strong sell off towards the end of the day was met with a very powerful bounce, probably related to end of month/ end of quarter positioning.
I have said it before and feel this is important enough to repeat: When volatility is as high as we have seen, you need to have hard stops in the system to prevent larger losses than you are willing to take. Action at times is simply too fast and today we witnessed the SP500 makes 5-6 point moves in seconds.
When it was all said and done....the market pretty much closed un-changed......
Have a good weekend as we prepare for a shorter trading week coming up and 4th of July Holiday.
| Contract (SEPT. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1555.00 | 1999.67 | 13835 | 863.50 |
| Resistance 2 | 1542.50 | 1984.33 | 13725 | 858.00 |
| Resistance 1 | 1529.50 | 1971.67 | 13620 | 849.00 |
| Pivot | 1517.00 | 1956.33 | 13510 | 843.50 |
| Support 1 | 1504.00 | 1943.67 | 13405 | 834.50 |
| Support 2 | 1491.50 | 1928.33 | 13295 | 829.00 |
| Support 3 | 1478.50 | 1915.67 | 13190 | 820.00 |
| Contract | August Gold | Sept. Euro | August Crude Oil | Sept. Bonds |
| Resistance 3 | 658.67 | 1.3721 | 72.05 | 108 19/32 |
| Resistance 2 | 656.83 | 1.3648 | 71.53 | 108 6/32 |
| Resistance 1 | 653.87 | 1.3610 | 71.10 | 107 31/32 |
| Pivot | 652.03 | 1.3537 | 70.58 | 107 18/32 |
| Support 1 | 649.07 | 1.3499 | 70.15 | 107 11/32 |
| Support 2 | 647.23 | 1.3426 | 69.63 | 106 30/32 |
| Support 3 | 644.27 | 1.3388 | 69.20 | 106 23/32 |
Monday, July 02, 2007
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
posted by Cannon Trading at 1:11 PM
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