Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Market dropped more than 20 handles on decent volume but not sure why, todays session felt like holiday trading.
Next support levels for the March SP500 based on the daily charts are: 1451 and 1442. Below that we may open the door for a retest of November 26th lows around 1415-1420 (which matches 1406-1410 basis the Decemebr contract).
LEVELS:
| Contract (March 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1488.33 | 2126.67 | 13498 | 764.67 |
| Resistance 2 | 1481.77 | 2109.83 | 13448 | 760.33 |
| Resistance 1 | 1468.63 | 2076.67 | 13350 | 751.67 |
| Pivot | 1462.07 | 2059.83 | 13300 | 747.33 |
| Support 1 | 1448.93 | 2026.67 | 13202 | 738.67 |
| Support 2 | 1442.37 | 2009.83 | 13152 | 734.33 |
| Support 3 | 1429.23 | 1976.67 | 13054 | 725.67 |
| | | | | |
| Contract | Feb. Gold | March Euro | Jan. Crude Oil | March Bonds |
| Resistance 3 | 810.37 | 1.4590 | 94.39 | 115 1/32 |
| Resistance 2 | 805.43 | 1.4528 | 93.17 | 114 24/32 |
| Resistance 1 | 802.37 | 1.4467 | 91.93 | 114 17/32 |
| Pivot | 797.43 | 1.4405 | 90.71 | 114 8/32 |
| Support 1 | 794.37 | 1.4344 | 89.47 | 114 1/32 |
| Support 2 | 789.43 | 1.4282 | 88.25 | 113 24/32 |
| Support 3 | 786.37 | 1.4221 | 87.01 | 113 17/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Tuesday, December 18, 2007
Economic
8:30 Nov Housing Starts (last 1.23B), Building Permits (last 1.17M)
2:00 ABC Consumer Confidence (last -23)
Events
ICSC/UBSW Chain Store Sales (7:45, last +0.2%). Redbook Retail Sales (8:55, last +1.6%). Fed Governors to hold open meeting on mortgage rules 10AM. ABC Consumer Confidence (last -23). FCC vote expected on media ownership rules. CHH analyst meeting. ALO analyst meeting. Trades Ex-split: BWA 2:1. Trades Ex-dividend: AGL $0.11, GVA $0.13, MYE $0.34, NTLS $0.21, PACR $0.15, SRE $0.31, TIF $0.15.
Earnings
Before the Open: BKRS BBY FDS GS. After the Close: AIR APSG DRI FSII HOV NDSN PALM TTWO.
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 #515
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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