Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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.
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
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