Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
August is half way behind us and the volatility and fast market conditions are just getting stronger and not showing any signs of slowing down.
As a trader you must understand the market conditions you are trading in.
Range bound slow moving market must be treated much different than fast moving, wide range, high volatility market like we are witnessing for the last few months.
How you place orders (market orders versus limits?), the time frame you are using on the charts, the amount of money you are risking per trade etc. all need to be evaluated in light of the latest market behavior. If you need help, would like to get some feedback or bounce any ideas, feel free to call me at 800-454-9572
LEVELS:
| Contract (SEPT. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1485.33 | 1980.67 | 13495 | 803.67 |
| Resistance 2 | 1473.57 | 1965.83 | 13402 | 795.33 |
| Resistance 1 | 1453.53 | 1939.67 | 13246 | 781.67 |
| Pivot | 1441.77 | 1924.83 | 13153 | 773.33 |
| Support 1 | 1421.73 | 1898.67 | 12997 | 759.67 |
| Support 2 | 1409.97 | 1883.83 | 12904 | 751.33 |
| Support 3 | 1389.93 | 1857.67 | 12748 | 737.67 |
| | | | | |
| Contract | August Gold | Sept. Euro | Sept. Crude Oil | Sept. Bonds |
| Resistance 3 | 686.47 | 1.3712 | 73.89 | 111 |
| Resistance 2 | 684.23 | 1.3678 | 73.19 | 110 15/32 |
| Resistance 1 | 681.97 | 1.3617 | 72.79 | 110 4/32 |
| Pivot | 679.73 | 1.3583 | 72.09 | 109 19/32 |
| Support 1 | 677.47 | 1.3522 | 71.69 | 109 8/32 |
| Support 2 | 675.23 | 1.3488 | 70.99 | 108 23/32 |
| Support 3 | 672.97 | 1.3427 | 70.59 | 108 12/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, August 15, 2007
Economic
08:30AM July Consumer Price Index (last 0.2%), CPI Ex Food & Energy (last 0.2%), CPI NSA (last 208.3), August Empire Manufacturing (last 26.5)
09:00AM June Net Long-term TIC Flows (last $126.1B)
09:15AM July Industrial Production (last 0.5%), Capacity Utilization (last 81.7%)
10:30AM Crude Oil/Gasoline/Distillate Inventories
01:00PM August NAHB Housing Market Index (last 24)
Events
MBA Mortgage Applications (7:00, last +8.1%). FDA Licensure of Apoheresis Blood Products 8AM. Trades Ex-dividend: AFL $0.205, AVP $0.185, BMS $0.21, BYD $0.15, CVX $0.58, CMI $0.25, PCAR $0.25, PBI $0.33, UTX $0.32, WMT $0.22.
Earnings
Before the Open: CTR CPA DAKT DE IAG ORCT SLE. After the Close: CAI IMOS DITC LDG NTAP NUCO PETM PLAB CRM.
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
* Important Please Note:
IMPORTANT PLEASE NOTE: TRADING COMMODITY FUTURES AND OPTIONS INVOLVE SUBSTANTIAL RISK OF LOSS. THE RECOMMENDATIONS CONTAINED IN THE LETTER IS OF OPINION AND DOES NOT GUARANTEE ANY PROFITS. THERE IS NOT AN ACTUAL ACCOUNT TRADING THESE RECOMMENDATIONS. THESE ARE RISKY MARKETS AND ONLY RISK CAPITAL SHOULD BE USED. PAST PERFORMANCES ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
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