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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Thursday, November 06, 2008

Futures Trading levels and Economic reports for Nov. 7th

 
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Dear Trader,
 
We dropped 10% in 2 days post election. Market is sitting on a support level around 900 basis the SP500.
 
Tomorrows monthly un employment levels can either push this market towards the lows from Oct. 27th or create a short covering rally back towards 946. I am anticipating a very interesting day.....
 
LEVELS:
 
Contract (Dec. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 991.17 1358.75 9530 531.33
Resistance 2 970.83 1332.25 9330 523.27
Resistance 1 937.67 1288.00 9015 509.63
Pivot 917.33 1261.50 8815 501.57
Support 1 884.17 1217.25 8500 487.93
Support 2 863.83 1190.75 8300 479.87
Support 3 830.67 1146.50 7985 466.23
         
Contract  Dec Gold Dec. Euro Dec. Crude Oil Dec. Bonds 
Resistance 3 787.43            1.3112 69.52 119  2/32
Resistance 2 774.37            1.3024 67.51 118  5/32
Resistance 1 753.63            1.2848 64.18 117 15/32
Pivot 740.57            1.2760 62.17 116 18/32
Support 1 719.83            1.2584 58.84 115 28/32
Support 2 706.77            1.2496 56.83 114 31/32
Support 3 686.03            1.2320 53.50 114  9/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

11/7

7:30

OCT

Change in Nonfarm Payrolls

- -

-175k

- -

-159k

FRI

7:30

OCT

Unemployment Rate

- -

6.30%

- -

6.10%

 

7:30

OCT

Change in Manufact. Payrolls

- -

-65K

- -

-51K

 

7:30

OCT

Average Hourly Earnings MoM

- -

0.20%

- -

0.20%

 

7:30

OCT

Average Hourly Earnings YoY

- -

- -

- -

3.40%

 

7:30

OCT

Average Weekly Hours

- -

33.6

- -

33.6

 

9:00

SEP

Wholesale Inventories

- -

0.40%

- -

0.80%

 

9:00

SEP

Pending Home Sales MoM

- -

-3.50%

- -

7.40%

 

14:00

SEP

Consumer Credit

- -

$0.5B

- -

-$7.9B

 

 

 

 

 

 

 

 

 
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 1:22 PM

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