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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Monday, April 06, 2009

Futures Trading levels and Economic reports for April 7th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
Market gapped lower after a bullish close Friday. Tested the 818.50 support/ 38.2% retracement level and then bounced pretty good from there.
 
I will look at Fridays high of 842 as an area that if we can close above on an hourly chart, may signal another leg up.
 
On the other hand, a break below 818 will push prices toward 807-810 and will close the GAP we have from April 1st, which is also a 50% retracement level....what does it all mean? sometimes nothing, just some levels to have in mind from the slighly bigger time frame that you can apply as you are daytrading...
 
See hourly chart below and good trading!
 
 
 
LEVELS:
 
Contract (June 2008)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 851.60 1351.50 8095 482.73
Resistance 2 842.70 1333.25 8015 472.37
Resistance 1 836.60 1322.50 7965 459.43
Pivot 827.70 1304.25 7885 449.07
Support 1 821.60 1293.50 7835 436.13
Support 2 812.70 1275.25 7755 425.77
Support 3 806.60 1264.50 7705 412.83
         
Contract  June Gold June Euro May Crude Oil June Bonds 
Resistance 3 926.23            1.3769 57.15 129  1/32
Resistance 2 912.87            1.3675 55.38 128 12/32
Resistance 1 891.73            1.3543 53.36 127 11/32
Pivot 878.37            1.3449 51.59 126 22/32
Support 1 857.23            1.3317 49.57 125 21/32
Support 2 843.87            1.3223 47.80 125     
Support 3 822.73            1.3091 45.78 123 31/32
 
REPORTS (EST): Provided by www.TradeTheNews.com
 

Tuesday, April 07, 2009


Economic
10:00am TAF results
1:00pm Treasury's 10-year note auction
3:00pm Feb Consumer Credit (last $1.8B)
4:30pm API Crude Oil/Gasoline/Distillate Inventories
Events
CanaccordAdams Hepatitis C Conference. RBC Uranium Production Conference. ICSC/UBSW Chain Store Sales (7:45, last 1.1%). Redbook Retail Sales (8:55, last -0.6%). ABC Consumer Confidence (last -49). DNR Analyst Meeting. Trades Ex-dividend: GD $0.38, JCP $0.20, YUM $0.19, T $0.41, VZ $0.46.
Earnings
Before the Open: CHTT, ISCA. After the Close: AA, BBBY, LNDC, MIND, MOS, RECN, RT.
 
 
Note all time are EST. 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 1:26 PM

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