In this post:
1. Market Commentary
2. Daily Futures Chart for Mini S&P 500
3. Support and Resistance Levels
4. Economic Reports
5. Highlighted Earnings Releases
1. Market Commentary
Monthly unemployment is sure to move the market tomorrow morning…the big question is which way and to be honest , I have no idea…..
i am getting mixed signals from the chart perspective and there is a case both for the bulls and the bears.
The bulls need to hold above 1183.00 and break above 1215.75
The bears need to break below 1183.00 to have a shot at the 1142.50 level.
I am sure we can see wild and wide swings when the report comes out tomorrow morning before cash open and through out the trading session as large traders will try to square their positions ahead of the long, Labor day weekend.
When is doubt, stay out until you have a clearer picture of what you think the market will do.
See the Labor Day Holiday Trading Hours at our weekly newsletter.
2. Support and Resistance Levels!
| Contract (Sept. 2011) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1246.43 | 2300.75 | 11865 | 758.03 |
| Resistance 2 | 1237.22 | 2282.25 | 11785 | 746.57 |
| Resistance 1 | 1220.73 | 2252.50 | 11635 | 728.53 |
| Pivot | 1211.52 | 2234.00 | 11555 | 717.07 |
| Support 1 | 1195.03 | 2204.25 | 11405 | 699.03 |
| Support 2 | 1185.82 | 2185.75 | 11325 | 687.57 |
| Support 3 | 1169.33 | 2156.00 | 11175 | 669.53 |
| Contract | Dec. Gold | Sept. Euro | Oct. Crude Oil | Dec. Bonds |
| Resistance 3 | 1853.5 | 1.4510 | 91.43 | 140 25/32 |
| Resistance 2 | 1843.5 | 1.4444 | 90.66 | 139 4/32 |
| Resistance 1 | 1835.4 | 1.4356 | 89.74 | 138 11/32 |
| Pivot | 1825.4 | 1.4290 | 88.97 | 136 22/32 |
| Support 1 | 1817.3 | 1.4202 | 88.05 | 135 29/32 |
| Support 2 | 1807.3 | 1.4136 | 87.28 | 134 8/32 |
| Support 3 | 1799.2 | 1.4048 | 86.36 | 133 15/32 |
3. Daily Futures chart for Mini S&P 500 from September 1st, 2011
4. Economic Reports Friday September 2nd, 2011
Non-Farm Employment Change
8:30am USD
Unemployment Rate
8:30am USD
Average Hourly Earnings m/m
8:30am 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) |
| HRB | H and R Block Inc | Q1 2012 H and R Block Inc Earnings Release | -$ 0.39 | n/a | -$ 0.36 | 1-Sep AMC |
| CIEN | Ciena Corp | Q3 2011 Ciena Corp Earnings Release | -$ 0.09 | n/a | -$ 0.09 | 1-Sep BMO |
| DLEKG.TA | Delek Group Ltd | Q2 2011 Delek Group Ltd Earnings Release | n/a | n/a | n/a | 1-Sep |
| ESL | Esterline Technologies Corp | Q3 2011 Esterline Technologies Corp Earnings Release | $ 1.21 | n/a | $ 1.30 | 1-Sep AMC |
| JCG | J Crew Group Inc | Q2 2011 J Crew Group Inc Earnings Release | n/a | n/a | n/a | 1-Sep AMC |
| JOSB | Jos A Bank Clothiers Inc | Q2 2011 Jos A Bank Clothiers Inc Earnings Release | $ 0.68 | n/a | $ 0.59 |
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!