S&P 500 (INDEXSP:.INX) Broad Market Overview For Traders – January 18
Charts remain range bound as Davos meetings continues and traders wait for direction from administration. Support and resistance levels have been well defended.
Buying pressure will likely strengthen above a positive retest of 2271.50. Â Selling pressure will strengthen with a failed retest of 2258.
Price resistance sits near 2273.75 to 2276.25, with 2279.75 and 2282.5 above that. Price support holds between 2255- 2251, with 2249.50 and 2246.50 below that.
See today’s economic calendar with a rundown of releases.
RANGE OF TODAY’S MOTION
E-mini S&P Futures
Upside trades – Two options for entry
- Positive retest of continuation level – 2268.25 (watch for 2270-2271.5 for possible resistance)
- Positive retest of support level – 2261.5
- Opening targets ranges – 2265.75, 2268.25, 2270.25, 2273.25, 2275.5, 2277, 2280.25, 2282.50, and 2285.25
Downside trades – Two options for entry
- Failed retest of resistance level – 2268.50
- Failed retest of support level – 2261
- Opening target ranges – 2265.75, 2261.5, 2259.25, 2257.75, 2255.75, 2252.75, 2249.75, 2246.50, 2242.75, and 2239.
Nasdaq Futures
The NQ_F holds much of the bullish action in the charts but upward motion has slowed over the last couple of days. Earnings season continues.
Buying pressure will likely strengthen with a positive retest of 5056.25.  Selling pressure will strengthen with a failed retest of 5043.50. Price resistance sits near 5053.25 to 5058.75, with 5064.5 and 5071.75 above that.  Price support holds between 5037 and 5031.5, with 5025.75 and 5020.75 below that.
Upside trades – Two options
- Positive retest of continuation level – 5053.5 (needs confirmation on tight time frame and watch for 5057.5 for potential sellers)
- Positive retest of support level – 5043.5
- Opening target ranges – 5048.75, 5052.75, 5058.75, 5062.25, 5064.5, and 5071
Downside trades- Two options
- Failed retest of resistance level – 5048.25
- Failed retest of support level – 5040.5
- Opening target ranges – 5040.75, 5037.25, 5031.5, 5025, 5021.50, 5018.25, 5014.75, 5011.25, 5005.75, 4997.75, 4995.75, 4991.50, 4985.50, and 4978.75
Crude Oil –WTI
Contract roll created a gap yesterday and that gap quickly filled into the morning hours. The API report is scheduled to released after the close today with the EIA report tomorrow. The chart remains range bound over the last three days.
Buying pressure will likely strengthen with a positive retest of 53.49. Selling pressure will strengthen with a failed retest of 52.09. Â Price resistance sits near 53.22 to 53.49, with 53.8 and 54.18 above that. Price support holds between 52.23 and 52.04, with 51.86 and 51.48 below that.
Upside trades – Two options
- Positive retest of continuation level – 52.84-congestion makes the breakout troublesome
- Positive retest of support level – 52.22
- Opening target ranges – 52.49, 52.8, 53.2, 53.46, 53.86, 54.16, 54.28, 54.51, 54.76, 55.06, and 55.24
Downside trades- Two options
- Failed retest of resistance level – 52.8
- Failed retest of support level – 52.32
- Opening target ranges – 52.5, 52.33, 52.19, 51.87, 51.52, 51.24, 51.04, 50.82, 50.47, 50.3, and 50.16
If you’re interested in the live trading room, it is now primarily stock market futures content, though we do track heavily traded stocks and their likely daily trajectories as well – we begin at 9am with a morning report and likely chart movements along with trade setups for the day.
As long as the trader keeps himself aware of support and resistance levels, risk can be very adequately managed to play in either direction as bottom picking remains a behavior pattern that is developing with value buyers and speculative traders.
Twitter:Â Â @AnneMarieTrades
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
