Greetings!
Market traded in one of the narrowest ranges I have seen in weeks if not months…
It seems that market is consolidating after Mondays – Tuesdays sell off.
My indicators show strong resistance at 888 and 896. A break below 869 can trigger new lows with 850 as first target. Otherwise we may see choppy, range bound trading between 870 and 896.
Good trading.
Futures Trading Levels for July 10, 2009
Contract (Sept. 2009) SP500 (big Mini) Nasdaq100 (big Mini) Dow Jones (big Mini) Mini Russell Resistance 3 893.83 1435.83 8279 490.27 Resistance 2 889.17 1428.42 8235 487.13 Resistance 1 884.03 1420.83 8181 482.07 Pivot 879.37 1413.42 8137 478.93 Support 1 874.23 1405.83 8083 473.87 Support 2 869.57 1398.42 8039 470.73 Support 3 864.43 1390.83 7985 465.67 Contract August Gold Sept. Euro August Crude Oil Sept. Bonds Resistance 3 931.83 1.4338 64.0533 122 10/32 Resistance 2 925.37 1.4206 62.8367 121 20/32 Resistance 1 919.13 1.4122 61.6833 120 19/32 Pivot 912.67 1.3990 60.4667 119 28/32 Support 1 906.43 1.3906 59.3133 118 27/32 Support 2 899.97 1.3774 58.0967 118 5/32 Support 3 893.73 1.3690 56.9433 117 4/32
Economic Reports for July 10, 2009
Economic
8:30am May Trade balance (last -$29.2B), June Import Price index (last m/m 1.3%, y/y -17.6%)
9:55am July prelim Univ of Michigan Confidence (last 70.8)
Events
US Treasury Sec Geithner testifying to the US House on OTC derivate
Earnings
Before the Open: CREL, PSMT, PGR
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!
