Cannon Trading Futures Blog: Daily Support and Resistance Levels
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Dear Trader,
Our first major support at 1350 held today and provided the market with a small bounce. For me to be convinced, I would like to see this market break 1368-1371.50 zone. If it does, then 1389 is the next level on the way up.
If it DOES not and the market breaks 1350, next support is at 1328.
Have a great trading week!
LEVELS:
| Contract (June 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1392.83 | 2055.50 | 12488 | 760.70 |
| Resistance 2 | 1382.07 | 2027.00 | 12411 | 752.60 |
| Resistance 1 | 1372.13 | 2006.00 | 12351 | 744.60 |
| Pivot | 1361.37 | 1977.50 | 12274 | 736.50 |
| Support 1 | 1351.43 | 1956.50 | 12214 | 728.50 |
| Support 2 | 1340.67 | 1928.00 | 12137 | 720.40 |
| Support 3 | 1330.73 | 1907.00 | 12077 | 712.40 |
| | | | | |
| Contract | August Gold | June Euro | July Crude Oil | Sept. Bonds |
| Resistance 3 | 926.90 | 1.6002 | 142.88 | 116 12/32 |
| Resistance 2 | 919.70 | 1.5921 | 140.57 | 115 22/32 |
| Resistance 1 | 907.60 | 1.5770 | 137.63 | 114 26/32 |
| Pivot | 900.40 | 1.5689 | 135.32 | 114 4/32 |
| Support 1 | 888.30 | 1.5538 | 132.38 | 113 8/32 |
| Support 2 | 881.10 | 1.5457 | 130.07 | 112 18/32 |
| Support 3 | 869.00 | 1.5306 | 127.13 | 111 22/32 |
Tuesday, June 10, 2008
Economic
8:30am April Trade Balance (last –$58.2B)
9:00am Bank of Canada Rate Decision
10:00am June IBD/TIPP Economic Optimism (last 40.3)
Events
8:00am Fed's Fisher speaks in on monetary policy in New York. 8:30am Fed's Mishkin moderates panel at Boston Fed conference. 10:00am US Treasury's Paulson speaks on US-China ties in Washington, DC. 8:00am FDA Ophthalmic Devices Panel meeting. Credit Suisse BRIC and MENA Conference. Piper Jaffray Consumer Conference. RBC Global Mining & Materials Conference. ICSC/UBSW Chain Store Sales (7:45, last –0.8%). Redbook Retail Sales (8:55, last +2%). ABC Consumer Confidence (last -45). Trades Ex-split: ERIC 2-1, ITU 5-4. Trades Ex-dividend: LUV $0.005, CIM $0.16, VMED $0.04, AAON $0.16. LO added to the S&P 500 after the close.
Earnings
Before the Open: PBY, STEI. After the Close: OXM, RENT.
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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