Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Another extremely volatile day. I feel that the market is "in between". The technical tone was bearish until today but rumors on the floor regarding a surprise rate cut and/or Fed intervention in terms of liquidity helped an upside reversal today along with some quick/sharp moves both ways.
As long as we can hold the 1385 level, the bulls have a good chance of rallying the market back to 1450. A break below and the bears take control. We are pretty much in the middle as of todays close.....
LEVELS:
| Contract (March 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1473.60 | 2030.00 | 13307 | 745.53 |
| Resistance 2 | 1454.80 | 2006.00 | 13143 | 730.67 |
| Resistance 1 | 1439.40 | 1985.00 | 13007 | 721.73 |
| Pivot | 1420.60 | 1961.00 | 12843 | 706.87 |
| Support 1 | 1405.20 | 1940.00 | 12707 | 697.93 |
| Support 2 | 1386.40 | 1916.00 | 12543 | 683.07 |
| Support 3 | 1371.00 | 1895.00 | 12407 | 674.13 |
| | | | | |
| Contract | Feb. Gold | March Euro | Jan. Crude Oil | March Bonds |
| Resistance 3 | 930.47 | 1.5012 | 98.89 | 119 26/32 |
| Resistance 2 | 913.73 | 1.4912 | 97.56 | 119 10/32 |
| Resistance 1 | 903.67 | 1.4855 | 95.91 | 118 12/32 |
| Pivot | 886.93 | 1.4755 | 94.58 | 117 28/32 |
| Support 1 | 876.87 | 1.4698 | 92.93 | 116 30/32 |
| Support 2 | 860.13 | 1.4598 | 91.60 | 116 14/32 |
| Support 3 | 850.07 | 1.4541 | 89.95 | 115 16/32 |
REPORTS (EST):
Provided by
www.tradethenews.com audio news and interactive research directly from the pits
Friday, January 11, 2008
Economic
8:30am Nov Trade Balance (last -$57.8B), Dec Import Price Index (last m/m 2.7%, y/y 11.4%)
2:00pm Dec Monthly Budget Statement (last $42B)
Events
12:45pm Fed's Mishkin speaks on financial markets, risk and policy in New York, 1:00pm Fed's Rosengren speaks at outlook conference in Vermont, Trades Ex-split: None. Trades Ex-dividend: ABT $0.325 BSC $0.32.
Earnings
Before the Open: INFY. After the Close: HALO.
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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