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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Wednesday, May 14, 2008

Futures Trading levels and Economic reports for May 15th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Todays high of 1421.50 can be considered as  a "tripple high" (high May 2nd of 1424, high May 6th of 1422.50 and today), with each high being slightly lower.
 
The main question is if this market can break 1400 on the way down and pick up momentum or if this is just some profit taking before another attempt at breaking the 1425 zone.
 
 
LEVELS:
 
Contract (June 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1431.43 2059.00 13207 753.27
Resistance 2 1426.47 2046.00 13101 749.13
Resistance 1 1417.63 2022.00 12995 742.27
Pivot 1412.67 2009.00 12889 738.13
Support 1 1403.83 1985.00 12783 731.27
Support 2 1398.87 1972.00 12677 727.13
Support 3 1390.03 1948.00 12571 720.27
         
Contract  June Gold June Euro June Crude Oil June Bonds 
Resistance 3 882.63 1.5565 127.67 117 27/32
Resistance 2 877.17 1.5514 126.85 117  5/32
Resistance 1 870.93 1.5475 125.40 116 16/32
Pivot 865.47 1.5424 124.58 115 26/32
Support 1 859.23 1.5385 123.13 115  5/32
Support 2 853.77 1.5334 122.31 114 15/32
Support 3 847.53 1.5295 120.86 113 26/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Thursday, May 15, 2008


Economic
8:30am Initial Jobless Claims (last 365K), Continuing Claims (last 3.02M), May Empire Manufacturing (last 0.6)
9:00am March Net Long-Term TIC Flows (last $72.5B), March Total Net TIC Flows (last $64.1B)
9:15am April Industrial Production (last 0.3%), April Capacity Utilization (last 80.5%)
10:00am May Philadelphia Fed (last –24.9)
10:30am Natural Gas Inventories
1:00pm May NAHB Housing Market Index (last 20)
Events
9:15am Fed's Evans speaks at banking Conference. 9:30am Fed Chairman Bernanke speaks on banking risk management in Chicago. 10:50am Fed's Dudley speaks at Chicago Fed panel. 7:00pm Fed's Mishkin speaks on asset price bubbles in Philadelphia. FDA Risk Communication Advisory Committee. BMO Agriculture and Protein Conference. RBC Diamond & Platinum Conference. Trades Ex-dividend: CVX $0.65, R $0.23, DHI $0.075, PCAR $0.18.
Earnings
Before the Open: AHR, ASFI, BX, BBI, CHNL, CYPB, DAI, DRQ, DFT, ELON, FRP, FRPT, FSIN, GILT, IART, JCP, MEMY, MESA, MF, MLNM, PDC, PBH, QXM, RSTO, SGK, URBN, WNR, WPL, XMSR. During Trading Hours: MNTG. After the Close: AAP, ADSK, BE, BMC, BRCD, CPWR, EXAR, FMCN, GA, HPQ, IUSA, KSS, KONG, LRCX, LTXX, MNT, NINE, JWN, QTM, CRM, TMA, CHIP.
 
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 1:08 PM

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