S&P 500 Futures Trading Outlook For January 19

Stock Market Futures Outlook for January 19, 2017 – 

Price support and resistance levels on the S&P 500 (INDEXSP:.INX) have been well defended and have tightened in latest days.

Buying pressure will likely strengthen above a positive retest of 2271.50.  Selling pressure will strengthen with a failed retest of 2258.

Price resistance sits near 2268.75 to 2271.5, with 2273.75 and 2279.5 above that. Price support holds between 2258- 2254, with 2251.50 and 2248.50 below that.

See today’s economic calendar with a rundown of releases, as well as a chart of the S&P 500 Index (below).

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 – 2262.25
• 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
• Failed retest of support level – 2261.25
• Opening target ranges – 2265.5, 2261.5, 2259.25, 2257.75, 2255.5, 2252.75, 2248.5, 2246.50, 2242.75, and 2239.75

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.  New highs have not been made, but neither have we seen broken lows that do not recover.  Earnings season continues.

Buying pressure will likely strengthen with a positive retest of 5055.5.  Selling pressure will strengthen with a failed retest of 5036.25. Price resistance sits near 5053.25 to 5058.75, with 5064.5 and 5071.75 above that. Price support holds between 5041.25 and 5036.5, with 5031.5 and 5025.75 below that.

Upside trades – Two options

• Positive retest of continuation level – 5050.25 (needs confirmation on tight time frame and watch for 5053.5 for potential sellers)
• Positive retest of support level – 5041.5
• Opening target ranges – 5043.75, 5048, 5050.25, 5055, 5058.75, 5062.25, 5064.5, and 5071

Downside trades- Two options

• Failed retest of resistance level – 5050.5
• Failed retest of support level – 5040.5
• Opening target ranges – 5047.75, 5043.5, 5041.25, 5036.5, 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

The last twenty hours of trading has left us in a tight range. Traders may be looking to the EIA report at 11am to change direction.  For now, everyone seems to be comfortable not to change the ranges of motion.

Buying pressure will likely strengthen with a positive retest of 53.49. Selling pressure will strengthen with a failed retest of 51.78. Price resistance sits near 53.12 to 53.49, with 53.8 and 54.18 above that. Price support holds between 52.05 and 51.8, with 51.76 and 51.64 below that.

Upside trades – Two options

• Positive retest of continuation level – 52.61-congestion makes the breakout troublesome
• Positive retest of support level – 52.22
• Opening target ranges – 52.36, 52.61, 52.84, 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 – 52.08
• Opening target ranges – 52.56, 52.31, 52.18, 51.78, 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:  @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.