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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Wednesday, January 09, 2008

Futures Trading levels and Economic reports for Jan 10th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Wild day! 30 points range on the SP500. Strong bounce of major support level at 1385.
 
I hope traders paid attention to what I wrote yesterday, as we saw some moves today of 8 or more SP points in less than 2 minutes!!
 
Allow me to cut and paste:
 

" 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 1455.17 2040.00 13085 745.67
Resistance 2 1435.83 2002.00 12939 730.73
Resistance 1 1423.67 1979.00 12842 721.87
Pivot 1404.33 1941.00 12696 706.93
Support 1 1392.17 1918.00 12599 698.07
Support 2 1372.83 1880.00 12453 683.13
Support 3 1360.67 1857.00 12356 674.27
         
Contract  Feb. Gold March Euro Jan. Crude Oil March Bonds 
Resistance 3 895.80 1.4827 99.79 119 29/32
Resistance 2 889.90 1.4784 98.88 119 17/32
Resistance 1 885.80 1.4723 97.24 119  6/32
Pivot 879.90 1.4680 96.33 118 26/32
Support 1 875.80 1.4619 94.69 118 15/32
Support 2 869.90 1.4576 93.78 118  3/32
Support 3 865.80 1.4515 92.14 117 24/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Thursday, January 10, 2008


Economic
7:00am BoE Interest Rate Decision
7:45am ECB Interest Rate Decision
8:30am Initial Jobless Claims (last 336K), Continuing Jobless Claims (last 2.716M)
10:00am Nov Wholesale Trade Inventories (last 0.0%)
10:30am Natural Gas Inventories
1:00pm US Treasury's TIPS auction results
Events
1:00pm Fed Chairman Bernanke speaks on US economic outlook in Washington DC,1:00pm Fed's Hoenig discusses US economic outlook in Kansas City, December Same Store Sales before the open, ISCS Chain Store Sales y/y (last +3.5%), Trades Ex-split: None. Trades Ex-dividend: CBBO $0.10 DMF $0.041.
Earnings
Before the Open: CRAI, MTB, MTRX, MTG, MSM. After the Close: CAMP, HIS, SHFL, SNX, PAY.
 
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 1:22 PM

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