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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Wednesday, June 11, 2008

ROLLOVER notice + Futures Trading levels and Economic reports for June 12th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Another down day for the market as we broke below the 1340 support level.
 
I "played around" with some Fibonacci levels, both PRICE and TIME and it seems that today, June 11th was a TIME projected low. If this coincide with price support of 1427 -1440 and the price zone holds, I would look for a trigger (MACD or break above resistance levels ) as a short term long entry. However, if this support zone below does not hold...watch out!
 

IMPORTANT: Please note that Equity Indices products; ES, NQ, ER2, EMD and YM roll on Thursday the 12th at 8:30 am Chicago time from the June 08 contract to the September 08 contract. The month code for September is 'U'. Last trade for June Currencies is Monday the 16th, please close any open June Currencies position by the close on Friday the 13th. Should you have any further question please contact your broker.

 
Good trading!
 
LEVELS:
 
Contract (Sept. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1372.17 2006.67 12508 745.20
Resistance 2 1364.33 1989.33 12421 739.60
Resistance 1 1350.67 1958.67 12261 729.20
Pivot 1342.83 1941.33 12174 723.60
Support 1 1329.17 1910.67 12014 713.20
Support 2 1321.33 1893.33 11927 707.60
Support 3 1307.67 1862.67 11767 697.20
         
Contract  August Gold June Euro July Crude Oil Sept. Bonds 
Resistance 3 906.03 1.5740 146.50 115  8/32
Resistance 2 895.97 1.5661 142.40 114 24/32
Resistance 1 890.13 1.5606 139.55 114  3/32
Pivot 880.07 1.5527 135.45 113 18/32
Support 1 874.23 1.5472 132.60 112 29/32
Support 2 864.17 1.5393 128.50 112 13/32
Support 3 858.33 1.5338 125.65 111 24/32
 
REPORTS (EST): Provided by www.tradethenews.com

Thursday, June 12, 2008


Economic
8:30am May Import Price Index (last m/m 1.8%, y/y 15.4%), May Advanced Retail Sales (last –0.2, ex auto 0.5), Initial Jobless Claims (last 357K), Continuing Claims (last 3.093M)
10:00am April Business Inventories (last 0.1%)
10:35am Natural Gas Inventories
1:00pm Treasury's 10-year note results
Events
Irish Referendum on the EU Lisbon Treaty. BoJ Monetary Policy Meeting, Rate Decision. 11:30am Fed Chairman Bernanke attends ceremony in Kansas City. FDA Anesthesiology and Respiratory Therapy Devices Panel meeting. Deutsche Bank European Leveraged Finance Conference. UBS Currency Management Conference. SYMC Analyst Meeting. PPG Analyst Meeting. Trades Ex-dividend: MOT $0.05, DVN $0.16, EMN $0.44, UST $0.63.
Earnings
Before the Open: AIXD, CMED, FLOW, MEAS, MESA, SCHS. After the Close: NDN, FNSR, IUSA, RVI, SWHC, PAY.
 
 
 
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 1:16 PM

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