Futures Trading levels and Economic reports for May 22nd
Strong sell off today, accelerated by FOMC minutes which suggested there won't be any additional rate cuts in the near future.
The SP500 daily chart below, shows that today was the first close below the trend line and that the next levels on the way down are 1370.50, 1349.50 and 1328.50.
If the market bounces, it will have some resistance at 1407.
| Contract (June 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1441.83 | 2066.33 | 13109 | 759.67 |
| Resistance 2 | 1430.67 | 2042.67 | 12994 | 751.53 |
| Resistance 1 | 1410.83 | 2001.33 | 12800 | 739.37 |
| Pivot | 1399.67 | 1977.67 | 12685 | 731.23 |
| Support 1 | 1379.83 | 1936.33 | 12491 | 719.07 |
| Support 2 | 1368.67 | 1912.67 | 12376 | 710.93 |
| Support 3 | 1348.83 | 1871.33 | 12182 | 698.77 |
| Contract | June Gold | June Euro | June Crude Oil | June Bonds |
| Resistance 3 | 954.00 | 1.5982 | 140.72 | 118 10/32 |
| Resistance 2 | 943.50 | 1.5877 | 137.27 | 117 28/32 |
| Resistance 1 | 937.50 | 1.5821 | 135.50 | 117 15/32 |
| Pivot | 927.00 | 1.5716 | 132.05 | 117 1/32 |
| Support 1 | 921.00 | 1.5660 | 130.28 | 116 20/32 |
| Support 2 | 910.50 | 1.5555 | 126.83 | 116 6/32 |
| Support 3 | 904.50 | 1.5499 | 125.06 | 115 25/32 |
| DATE | CST | PERIOD | RELEASE | MFGR | MED | RANGE | PREV |
| 5/22 | 7:30 | 17-May | Initial Jobless Claims | - - | - - | - - | 371K |
| THU | 7:30 | 10-May | Continuing Claims | - - | - - | - - | 3060K |
| | 8:15 | | Fed Gov Kroszner speaks to the Conference of State Bank Supervisors' in FL | | | | |
| | 9:00 | MAR | House Price Index MoM | - - | - - | - - | 0.60% |
| | 9:00 | 1Q | House Price Index QoQ | - - | -1.00% | - - | 0.10% |
| | | | | | | | |
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
posted by Cannon Trading at 1:08 PM
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