In this post:
1. Market Commentary
2. Daily Futures Chart for Mini S&P 500
3. Support and Resistance Levels
4. Economic Reports
4. Highlighted Earnings Releases
1. Market Commentary
Interesting price action today.
Market visited both positive and negative territory with better volume than last few sessions.
Market made recent highs at 1218.75 yet finished slightly lower to unchanged.
Tomorrow is the last trading day of the month.
Overall as one can see from chart below, open interest has risen since we first sold off hard, while volume has dropped since the sell off during the first few days of August.
What does it mean to me? My guess is that the bounce we have seen after the 1077 Aug 9th low on the SP500 is a bear market rally. While we may see a bounce to 1244 -1283 levels, I feel there are bigger chances for the downtrend to resumeand for the market to visit Aug 9th lows and perhaps lower.
As always the “Million $$ questions” are:
When does one enter?
How does one protect oneself in case this analysis is wrong?
How does one manage the trade once one has answered the first two questions above….
2. Support and Resistance Levels!
| Contract (Sept. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1244.33 | 2300.83 | 11823 | 755.33 |
| Resistance 2 | 1231.42 | 2275.17 | 11721 | 743.47 |
| Resistance 1 | 1219.83 | 2252.58 | 11620 | 734.03 |
| Pivot | 1206.92 | 2226.92 | 11518 | 722.17 |
| Support 1 | 1195.33 | 2204.33 | 11417 | 712.73 |
| Support 2 | 1182.42 | 2178.67 | 11315 | 700.87 |
| Support 3 | 1170.83 | 2156.08 | 11214 | 691.43 |
| Contract | Dec. Gold | Sept. Euro | Oct. Crude Oil | Dec. Bonds |
| Resistance 3 | 1865.0 | 1.4672 | 92.56 | 138 10/32 |
| Resistance 2 | 1850.7 | 1.4601 | 90.88 | 137 29/32 |
| Resistance 1 | 1845.6 | 1.4522 | 89.81 | 137 16/32 |
| Pivot | 1831.3 | 1.4451 | 88.13 | 137 3/32 |
| Support 1 | 1826.2 | 1.4372 | 87.06 | 136 22/32 |
| Support 2 | 1811.9 | 1.4301 | 85.38 | 136 9/32 |
| Support 3 | 1806.8 | 1.4222 | 84.31 | 135 28/32 |
3. Daily Futures chart for Mini S&P 500 from August 30th, 2011
4. Economic Reports Wednesday August 30th, 2011
Challenger Job Cuts y/y
7:30am USD
ADP Non-Farm Employment Change
8:15am USD
Chicago PMI
9:45am USD
Factory Orders m/m
10:00am USD
Crude Oil Inventories
10:30am USD
Economics Report Source: http://www.forexfactory.com/calendar.php
5. Today’s Highlighted Earnings Releases
| SYMBOL | COMPANY | EVENT TITLE | EPS ESTIMATE | EPS ACTUAL | PREV. YEAR ACTUAL | DATE/TIME (ET) |
| JRJC | China Finance Online Co Ltd | Q2 2011 China Finance Online Co Ltd Earnings Release | $ 0.01 | n/a | $ 0.02 | 30-Aug AMC |
| CCC.L | Computacenter PLC | Interim 2011 Computacenter plc Earnings Release | n/a | n/a | n/a | 30-Aug |
| CCUR | Concurrent Computer Corp | Q4 2011 Concurrent Computer Corp Earnings Release | -$ 0.17 | n/a | $ 0.11 | 30-Aug AMC |
| DSW | Dsw Inc | Q2 2011 DSW Inc Earnings Release | $ 0.63 | n/a | $ 0.52 | 30-Aug BMO |
| KARD.AS | Kardan NV | Q2 2011 KARDAN NV Earnings Release | n/a | n/a | n/a | 30-Aug |
| NED | Noah Education Holdings Ltd | Q4 2011 Noah Education Holdings Ltd Earnings Release | $ 0.00 | n/a | -$ 0.32 | 30-Aug AM |
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!