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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Monday, July 07, 2008

Futures Trading levels and Economic reports for July 8th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Market almost acted as if we put a short term bottom there for about an hour as the market rallied from a low of 1241 to 1265 in about 90 minutes but weakness came in before the close and momentum faded.
 
1241 is now first support to keep an eye for and 1267 followed by 1275 are resistance on the way up.
 
For most day-traders the information above may not be relevant as you are trading much shorter time frames but it is always good to keep in mind different levels of significance as well as the overall martket bias.
 
Have a good trading week!
 
LEVELS:
 
Contract (Sept. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1304.67 1908.83 11639 690.30
Resistance 2 1289.83 1881.67 11511 680.90
Resistance 1 1270.67 1857.33 11359 669.00
Pivot 1255.83 1830.17 11231 659.60
Support 1 1236.67 1805.83 11079 647.70
Support 2 1221.83 1778.67 10951 638.30
Support 3 1202.67 1754.33 10799 626.40
         
Contract  August Gold Sept. Euro August Crude Oil Sept. Bonds 
Resistance 3 955.10 1.5348 149.40 119     
Resistance 2 945.10 1.5600 146.97 118  3/32
Resistance 1 936.30 1.5480 144.39 117  8/32
Pivot 926.30 1.5380 141.96 116 12/32
Support 1 917.50 1.5305 139.38 115 17/32
Support 2 907.50 1.5209 136.95 114 20/32
Support 3 898.70 1.4919 134.37 113 25/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

7/8

9:00

MAY

Pending Home Sales MoM

- -

- -

- -

6.30%

TUE

9:00

MAY

Wholesale Inventories

- -

- -

- -

1.30%

 

14:00

MAY

Consumer Credit

- -

- -

- -

$8.9B

 

16:00

6-Jul

ABC Consumer Confidence

- -

- -

- -

- -

 

 

 

 

 

 

 

 

 
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 1:21 PM

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