Nice bounce after touching some FIB levels during overnight session/early morning. FIBONACCI levels been providing good support/ resistance levels so far when applied over multiple time frames. ( daily, hourly, 15 minutes etc. )
Below is a daily chart of the E Mini S&P 500 futures contract with FIBONACCI levels drawn.
Notice todays lows and highs.
We are closing against highs and some momentum during the night session can help this market visit 1099. Failure against the 1081 level and we are back to range bound trading.
Trading Levels:
This Week’s Calendar from Econoday.Com
All reports are EST time
Wednesday July 21st – http://mam.econoday.com/byweek.asp?cust=mam
- MBA Purchase Applications – 7:00 AM ET
- Ben Bernanke Speaks – 10:00 AM ET
- EIA Petroleum Status Report – 10:30 AM ET
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results. This is not a solicitation of any order to buy or sell, but a current futures 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!