Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Session started slow early on but then picked up quite a bit of volatility as we are heading into options expiration tomorrow.
We are still trading in a wide band (1440 to 1496), I would need to see a break of either level to be convinced one way or another on a longer term basis.
In between as I am sure all of you see, the market presents wide intraday ranges with opportunities and risks on both sides.
Be patient and don't be in a hurry to enter trades. Have a game plan before you enter the trade as far as initial risk, targets and course of action.
LEVELS:
| Contract (DEC. 2007) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1501.30 | 2107.00 | 13470 | 796.33 |
| Resistance 2 | 1488.90 | 2085.50 | 13381 | 789.17 |
| Resistance 1 | 1471.80 | 2058.50 | 13263 | 780.83 |
| Pivot | 1459.40 | 2037.00 | 13174 | 773.67 |
| Support 1 | 1442.30 | 2010.00 | 13056 | 765.33 |
| Support 2 | 1429.90 | 1988.50 | 12967 | 758.17 |
| Support 3 | 1412.80 | 1961.50 | 12849 | 749.83 |
| | | | | |
| Contract | December Gold | Dec. Euro | Dec. Crude Oil | Dec. Bonds |
| Resistance 3 | 818.70 | 1.4788 | 97.58 | 116 25/32 |
| Resistance 2 | 811.10 | 1.4750 | 96.11 | 116 4/32 |
| Resistance 1 | 799.20 | 1.4688 | 94.80 | 115 25/32 |
| Pivot | 791.60 | 1.4650 | 93.33 | 115 4/32 |
| Support 1 | 779.70 | 1.4588 | 92.02 | 114 25/32 |
| Support 2 | 772.10 | 1.4550 | 90.55 | 114 4/32 |
| Support 3 | 760.20 | 1.4488 | 89.24 | 113 25/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, November 16, 2007
Economic
9:00am Sep Long-term TIC Flows (last -$69.3B), Sep Total Net TIC Flows (last –$163B)
9:15am Oct Industrial Production (last 0.1%), Oct Capacity Utilization (last 82.1%)
Events
12:00am Fed's Kroszner speaks on economic outlook in New York, 10:00am Fed's Lockhart speaks on Southeast economy outlook in Montreal, Trades Ex-split: CRS 2-1 Trades Ex-dividend: HON $0.25, MCO $0.08, TGT $0.14, ACC $0.338
Earnings
Before the Open: ANN, QXM
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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