Cannon Trading Futures Blog: Daily Support and Resistance Levels
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
Wow, what a volatile trading day. Not much to say here when the numbers speak for themselves: The market opened lower (16 points gap open!! ) and continued to be on the defensive the rest of the day closing 36 pooints lower on the SP 500 with heavy volume!
These are times that while you are trying to trade and make money, you must also be very strict and disciplined with yourself as far as what is the most amount of risk capital you are willing to risk for the trading day. This will help you survive to trade another day, in case you had a bad trading day.
LEVELS:
| Contract (SEPT. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1554.50 | 2086.33 | 14135 | 831.00 |
| Resistance 2 | 1534.60 | 2056.67 | 13960 | 819.50 |
| Resistance 1 | 1511.30 | 2028.33 | 13745 | 806.00 |
| Pivot | 1491.40 | 1998.67 | 13570 | 794.50 |
| Support 1 | 1468.10 | 1970.33 | 13355 | 781.00 |
| Support 2 | 1448.20 | 1940.67 | 13180 | 769.50 |
| Support 3 | 1424.90 | 1912.33 | 12965 | 756.00 |
| | | | | |
| Contract | August Gold | Sept. Euro | Sept. Crude Oil | Sept. Bonds |
| Resistance 3 | 683.70 | 1.3883 | 79.08 | 111 9/32 |
| Resistance 2 | 678.40 | 1.3839 | 78.12 | 110 22/32 |
| Resistance 1 | 670.60 | 1.3803 | 76.53 | 110 10/32 |
| Pivot | 665.30 | 1.3759 | 75.57 | 109 23/32 |
| Support 1 | 657.50 | 1.3723 | 73.98 | 109 11/32 |
| Support 2 | 652.20 | 1.3679 | 73.02 | 108 24/32 |
| Support 3 | 644.40 | 1.3643 | 71.43 | 108 12/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, July 27, 2007
Economic
08:30am Q2 Advance GDP Annualized (last 0.7%), Personal Consumption (last 4.2%), GDP Price Index (last 4.2%), Core PCE Q/Q (last 2.4%)
10:00am Jul Final U. of Michigan Confidence (last 92.4)
Events
Fed's Lacker speaks in Richmond on Early Childhood Education at 11:10am. Trades Ex-dividend: AOS $0.18, LNT $0.318, CV $0.23, COP $0.41, DEP $0.40 FNM $0.50, GS $0.35, IHP $0.25, NI $0.23, NCX $0.094, TPP $0.685, ZNT $0.42.
Earnings
Before the Open: ALE AXL BHI BLC BPO CE CVX CCU CCO CEG FO GMST HUB.B IDXX IGTE ITT KDN KIM LZ MHS SCG SEPR VECO VVI. After the Close: BVN EEP TZIX.
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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