Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
We broke yesterdays low right before tomorrows employment figures. The market is expecting an increase of 25,000 in non farm payroll.
If I had to guess, and this is purely a guess based on todays price action, I would say we may see a negative number and see non farm payrolls decrease.
Either way, expect increased volatility tomorrow and be ready to trade. Don't hope, don't wish. Have a plan and execute it!
Good Trading!
LEVELS:
| Contract (March 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1348.37 | 1795.00 | 12538 | 696.00 |
| Resistance 2 | 1338.83 | 1777.50 | 12437 | 689.00 |
| Resistance 1 | 1322.07 | 1746.00 | 12238 | 675.50 |
| Pivot | 1312.53 | 1728.50 | 12137 | 668.50 |
| Support 1 | 1295.77 | 1697.00 | 11938 | 655.00 |
| Support 2 | 1286.23 | 1679.50 | 11837 | 648.00 |
| Support 3 | 1269.47 | 1648.00 | 11638 | 634.50 |
| | | | | |
| Contract | April Gold | March Euro | April Crude Oil | June Bonds |
| Resistance 3 | 1012.07 | 1.5528 | 62.45 | 117 24/32 |
| Resistance 2 | 1001.03 | 1.5453 | 61.25 | 117 12/32 |
| Resistance 1 | 989.07 | 1.5414 | 60.60 | 116 31/32 |
| Pivot | 978.03 | 1.5339 | 60.00 | 116 19/32 |
| Support 1 | 966.07 | 1.5300 | 59.20 | 116 6/32 |
| Support 2 | 955.03 | 1.5225 | 58.60 | 115 26/32 |
| Support 3 | 943.07 | 1.5186 | 57.90 | 115 13/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, March 07, 2008
Economic
8:30am Feb Change in Non-Farm Payrolls (last –17K), Feb Unemployment Rate (last 4.9%), Feb Change in Manufacturing Payrolls (last –28K), Feb Average Hourly Earnings (last m/m 0.2%, y/y 3.7%), Feb Average Weekly Hours (last 33.7)
3:00pm Jan Consumer Credit (last $4.5B)
Events
(time TBA) Fed's Hoenig speaks at finance conference in Brazil. 3:00am Fed's Fisher speaks at Banque de France conference. 5:00am Fed's Yellen speaks at Banque de France Conference. 8:30am Fed's Mishkin speaks on exchange rates and monetary policy. 10:15am Fed's Kohn speaks at Banque de France Conference. 9:45pm US Treasury's Paulson gives keynote address at Stamford. Trades Ex-dividend: FDX $0.10, BNI $0.32, ECL $0.13, TIE $0.075, CCBG $0.185, CVCY $0.10.
Earnings
Before the Open: ASVI, CIEN, EBS, HEES, NGPC, SUP. During Trading Hours: PNY. After the Close: CPE.
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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