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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, November 18, 2008

Futures Trading levels and Economic reports for Nov. 19th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Todays action "tried" to paint a bottoming out picture.
 
if you ask me, I am not sure this is it for now. The good news is that we should find out shortly as the market anticipates slew of economic numbers tomorrow morning. If this is a short term bottom, we should see strong follow through to the upside.
 
However , if we slide lower again and break the 816.75 lows, then I charted some possible fibonacci extensions on the daily chart below:
 
 
LEVELS:
 
Contract (Dec. 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 920.67 1248.08 9023 493.90
Resistance 2 893.33 1209.92 8757 476.20
Resistance 1 879.67 1189.33 8623 464.30
Pivot 852.33 1151.17 8357 446.60
Support 1 838.67 1130.58 8223 434.70
Support 2 811.33 1092.42 7957 417.00
Support 3 797.67 1071.83 7823 405.10
         
Contract  Dec Gold Dec. Euro Dec. Crude Oil Dec. Bonds 
Resistance 3 760.20            1.2821 57.73 122 10/32
Resistance 2 752.90            1.2754 56.86 121 12/32
Resistance 1 744.90            1.2685 55.71 120 26/32
Pivot 737.60            1.2618 54.84 119 28/32
Support 1 729.60            1.2549 53.69 119 10/32
Support 2 722.30            1.2482 52.82 118 12/32
Support 3 714.30            1.2413 51.67 117 26/32
 
REPORTS (CST): Provided by MF Global Research
 

DATE

CST

PERIOD

RELEASE

MFGR

MED

RANGE

PREV

11/19

6:00

11/14/2008

MBA Mortgage Applications

- -

- -

- -

- -

WED

7:30

OCT

Consumer Price Index (MoM)

- -

-0.70%

- -

0.00%

 

7:30

OCT

CPI Ex Food & Energy (MoM)

- -

0.20%

- -

0.10%

 

7:30

OCT

Consumer Price Index (YoY)

- -

4.10%

- -

4.90%

 

7:30

OCT

CPI Ex Food & Energy (YoY)

- -

2.50%

- -

2.50%

 

7:30

OCT

Housing Starts

- -

780K

- -

817K

 

7:30

OCT

CPI Core Index SA

- -

- -

- -

216.956

 

7:30

OCT

Building Permits

- -

770K

- -

805K

 

7:30

OCT

Consumer Price Index NSA

- -

- -

- -

218.783

 

13:00

11/19/2008

Minutes of Oct. 28-29 FOMC Meeting

 

 

 

 

 

 

 

 

 

 

 

 

 
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 1:19 PM

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