Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Cannon Trading / E-Futures.com
I mentioned yesterday that 1266 can act as pivot level. Turns out it did, market was oversold and we got a buy signal after the close yesterday which hit the first target very quickly ( today….). Next target on the way up is 1300. Support below will be 1266 , , 1259.50 followed by 1235.
Daily chart of the mini SP500 along with potential levels below and above for you review below.
If you like to have a FREE TRIAL to my DIAMOND ALGORITHM using sierra charts, please send me an email with name, tel number and markets you trade.
This ALGO tries to identify turning points in the market and can be applied to variety of markets and time frames.
Daily Mini S&P 500 trading chart screenshot from today June 14th, 2011
Economic Reports Wednesday June 15th, 2011
Core CPI m/m
Empire State Manufacturing Index
TIC Long-Term Purchases
Capacity Utilization Rate
Industrial Production m/m
NAHB Housing Market Index
Crude Oil Inventories
Economics Report Source: http://www.forexfactory.com/calendar.php
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!