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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, July 01, 2008

Futures Trading levels and Economic reports for July 2nd

 
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Dear Trader,
 
If the first day of July is any indication then we are in for an interesting month!
 
High volatility day as market tested support (based on daily chart below ) right around 1360. My guess is that the bears are still in control. We may see a bounce as high as 1320 but I think the momentum is now to the downside.
 
The key is how will the market act when (maybe I should say if?) the market breaks the 1250-1260 support zone.
 
Keep in mind we have a short trading day on Thursday and no trading Friday as market participants get ready for the long 4th of July weekend.
 
 
 
LEVELS:
 
Contract (Sept. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1319.70 1939.00 11686 712.43
Resistance 2 1303.10 1906.00 11542 702.17
Resistance 1 1294.40 1888.00 11456 695.63
Pivot 1277.80 1855.00 11312 685.37
Support 1 1269.10 1837.00 11226 678.83
Support 2 1252.50 1804.00 11082 668.57
Support 3 1243.80 1786.00 10996 662.03
         
Contract  August Gold Sept. Euro August Crude Oil Sept. Bonds 
Resistance 3 975.97 1.5202 146.52 117  8/32
Resistance 2 962.13 1.5600 144.93 116 28/32
Resistance 1 951.47 1.5480 143.14 116  6/32
Pivot 937.63 1.5380 141.55 115 26/32
Support 1 926.97 1.5305 139.76 115  5/32
Support 2 913.13 1.5209 138.17 114 25/32
Support 3 902.47 1.4887 136.38 114  3/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

7/2

6:00

27-Jun

MBA Mortgage Applications

- -

- -

- -

-9.30%

WED

6:30

JUN

Challenger Job Cuts YoY

- -

- -

- -

45.60%

 

7:15

JUN

ADP Employment Change

- -

-20K

-90K - +75K

40K

 

8:00

APR

RPX Composite 28dy Index

- -

- -

- -

- -

 

8:00

APR

RPX Composite 28dy YoY

- -

- -

- -

- -

 

9:00

MAY

Factory Orders

- -

0.50%

-1.2% - +1.7%

1.10%

 

10:00

 

Paulson speaks about markets and economy

 

 

 

 

 

11:00

 

Fed Gov Mishkin speaks on "The Global Financial Disruption and the World Economy"

 

 

 

 

 
Note all time are CST. 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 1:13 PM

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