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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, January 08, 2008

Futures Trading levels and Economic reports for Jan 9th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 

Looks like the market is taking a bearish tone from technical point of view. Maybe some "noise" from the middle east had something to do it, I don't think so. The next few levels are very important on a longer term perspective:

1375 and 1361.

 

As far as day-trading, I will risk sounding like a broken record if it saves some of you money out there: At times of fast market conditions and high volatility, if you don't know where you will place your stops, what's your initial target before entering the trade - then do NOT take the trade!

 

If you go in and then start wondering where should you place your stop or what's your next action will be, you are risking getting stuck in a fast market against you that can wipe your account in some cases.

 

Better to miss a good trade then taking a bunch of bad trades. Know what your overall strategy is before pulling the trigger.

 
 
LEVELS:
 
Contract (March 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1470.23 2054.33 13208 759.00
Resistance 2 1453.87 2026.17 13082 749.00
Resistance 1 1425.53 1977.33 12868 729.00
Pivot 1409.17 1949.17 12742 719.00
Support 1 1380.83 1900.33 12528 699.00
Support 2 1364.47 1872.17 12402 689.00
Support 3 1336.13 1823.33 12188 669.00
         
Contract  Feb. Gold March Euro Jan. Crude Oil March Bonds 
Resistance 3 894.53 1.4820 99.73 119  4/32
Resistance 2 889.17 1.4787 98.64 118 22/32
Resistance 1 884.73 1.4747 97.45 118 16/32
Pivot 879.37 1.4714 96.36 118  2/32
Support 1 874.93 1.4674 95.17 117 28/32
Support 2 869.57 1.4641 94.08 117 14/32
Support 3 865.13 1.4601 92.89 117  8/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Wednesday, January 09, 2008


Economic
10:30am Crude Oil/Gasoline/Distillate Inventories
Events
9:30am Fed's Poole speaks about subprime mortgages in St. Louis, December Same Store Sales after the close, MBA Mortgage Applications (7:00, last –11.6%). Trades Ex-split: None. Trades Ex-dividend: YUM $0.15 GNW $0.10 MS $0.27 WFMI $0.20 SAF $0.40 BBT $0.46.
Earnings
Before the Open: EMMS, HELE, MERX, MOS. During Trading Hours: TONS. After the Close: AA, ETP, RBN, RT, WDFC.
 
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.
 

posted by Cannon Trading at 1:23 PM

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