Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
If the first few days of 2008 are any indication for the rest of the year, then expect a wild ride. For the record I will consider next week as the first trading week of 2008 as it will be the first full week of trading as well as the fact that I think many traders were still out these last few days.
Today was a good volume day on the heels of a bearish un-employment report. Todays low become a support level that some may look at for a double bottom on the daily chart. if we break below the 1416-1418 zone, next target will come at 1398-1402. Have a good weekend !(or hope you had a good weekend if you are reading this on Monday).
LEVELS:
| Contract (March 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1463.83 | 2092.83 | 13421 | 752.67 |
| Resistance 2 | 1453.77 | 2067.67 | 13296 | 745.83 |
| Resistance 1 | 1438.13 | 2026.33 | 13091 | 736.17 |
| Pivot | 1428.07 | 2001.17 | 12966 | 729.33 |
| Support 1 | 1412.43 | 1959.83 | 12761 | 719.67 |
| Support 2 | 1402.37 | 1934.67 | 12636 | 712.83 |
| Support 3 | 1386.73 | 1893.33 | 12431 | 703.17 |
| | | | | |
| Contract | Feb Gold | March Euro | Feb. Crude Oil | March. Bonds |
| Resistance 3 | 886.30 | 1.4949 | 62.45 | 119 20/32 |
| Resistance 2 | 878.90 | 1.4890 | 61.25 | 119 3/32 |
| Resistance 1 | 872.30 | 1.4819 | 60.60 | 118 19/32 |
| Pivot | 864.90 | 1.4760 | 60.00 | 118 2/32 |
| Support 1 | 858.30 | 1.4689 | 59.20 | 117 18/32 |
| Support 2 | 850.90 | 1.4630 | 58.60 | 117 1/32 |
| Support 3 | 844.30 | 1.4559 | 57.90 | 116 17/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Monday, January 07, 2008
Economic
11:00am US Treasury's 10-Year TIPS announcement
Events
12:40pm Fed's Lockhart speaks on US economic outlook in Atlanta, 2:00pm Treasury Sec Paulson talks about capital markets & economy in New York, 26th Annual JPMorgan Healthcare Conference Jan 7-10, International CES Conference Jan 7-10. Trades Ex-split: AMEC 7-1 DHBR 4-1. Trades Ex-dividend: GPS $0.08 BBY $0.13 DGX $0.10 ARII $0.03 BBV $0.179.
Earnings
Before the Open: SCHN. After the Close: BLUD, LWSN, QMED.
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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