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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, September 16, 2008

Futures Trading levels and Economic reports for Sept. 17th

 
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Dear Trader,
 
An extremely volatile trading session we witnessed today.
 
Market opened much lower from overnight, bounced nicely than declined more than 20 points right after FOMC and then ended up rallying the last 90 minutes. (with many zigzags in between....)
 
WILD RIDE!!! During times like these, make sure you survive your bad trading days.
 
50% retracement from recent high to recent low is 1223.
 
61.8% level is at 1237
 
 
 
LEVELS:
 
Contract (Dec. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1280.67 1809.00 11537 760.33
Resistance 2 1248.83 1778.50 11313 736.37
Resistance 1 1231.67 1753.00 11174 724.13
Pivot 1199.83 1722.50 10950 700.17
Support 1 1182.67 1697.00 10811 687.93
Support 2 1150.83 1666.50 10587 663.97
Support 3 1133.67 1641.00 10448 651.73
         
Contract  Dec Gold Dec. Euro Oct. Crude Oil Dec. Bonds 
Resistance 3 809.87 98.57 125 17/32
Resistance 2 801.73 96.45 124 22/32
Resistance 1 791.47 94.76 123  1/32
Pivot 783.33 92.64 122  7/32
Support 1 773.07 90.95 120 18/32
Support 2 764.93 88.83 119 23/32
Support 3 754.67 87.14 118  2/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

9/17

6:00

12-Sep

MBA Mortgage Applications

- -

- -

- -

9.50%

WED

6:00

SEP

Bloomberg Global Confidence

- -

- -

- -

14.1

 

7:30

2Q

Current Account Balance

- -

-$179.4B

- -

-$176.4B

 

7:30

AUG

Housing Starts

- -

950K

900K - 1000K

965K

 

7:30

AUG

Building Permits

- -

925K

- -

937K

 

 

 

 

 

 

 

 

 
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 1:10 PM

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