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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, August 05, 2008

Futures Trading levels and Economic reports for Aug. 6th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
  NEW YORK (Dow Jones)--Longer-dated Treasurys fell, stocks extended earlier gains and the dollar held its own, after the Federal Reserve left rates unchanged for the second meeting in a row and gave no indication that it will change course in the short term.
  "Although downside risks to growth remain, the upside risks to inflation are also of significant concern," the Fed said in a statement accompanying the decision to leave the overnight lending rate, the fed funds rate, at 2.0%. This time only one FOMC voting member dissented from the decision, Dallas Fed President Richard Fisher, who would have preferred a rate hike.
  Longer-dated Treasurys, which tend to be more sensitive to inflation expectations, sold off slightly in response to the statement, while shorter-dated notes gained slightly.
 
As far as the SP we are right at resistance of 1285 followed by 1293. Many times it is interesting to observe the market reaction the following day. Stay tuned.
 
LEVELS:
 
Contract (Sept. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1319.87 1934.50 12044 745.63
Resistance 2 1302.13 1904.00 11822 733.57
Resistance 1 1293.17 1887.00 11704 727.13
Pivot 1275.43 1856.50 11482 715.07
Support 1 1266.47 1839.50 11364 708.63
Support 2 1248.73 1809.00 11142 696.57
Support 3 1239.77 1792.00 11024 690.13
         
Contract  Dec Gold Sept. Euro Sept. Crude Oil Sept. Bonds 
Resistance 3 920.57 1.5484 123.77 116 27/32
Resistance 2 912.23 1.5600 122.50 116 16/32
Resistance 1 897.37 1.5480 120.54 115 25/32
Pivot 889.03 1.5380 119.27 115 14/32
Support 1 874.17 1.5305 117.31 114 23/32
Support 2 865.83 1.5209 116.04 114 12/32
Support 3 850.97 1.5082 114.08 113 21/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

8/6

6:00

1-Aug

MBA Mortgage Applications

- -

- -

- -

- -

WED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 1:16 PM

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