Stock Market Futures Trading Outlook For January 27

S&P 500 Futures & Market Considerations For January 27, 2017

The S&P 500 (INDEXSP:.INX) set a new high yesterday. And as long as futures hold 2290, we should keep upside power. The failed retest of this support should bring us into deeper support near 2287.5, and 2282.5 – Price resistance holds above 2303 and 2306 as new targets above.

Buying pressure will likely strengthen above a positive retest of 2297.25, while selling pressure will strengthen with a failed retest of 2289.5. Price resistance sits near 2300.5 to 2301.5, with 2303.5 and 2309.75 above that. Price support holds between 2287.5- 2289.50, with 2282.5 and 2280.5 below that.

See today’s economic calendar with a rundown of releases.

TODAY’S RANGE OF MOTION

E-mini S&P 500 Futures Trading Chart For January 27

Upside trades – Two options for entry

• Positive retest of continuation level -2297.25
• Positive retest of support level– 2290.5
• Opening targets ranges -2294.25, 2297.25, 2299.5, 2301.75, 2303.5, 2306.75, 2309.75, 2313.5 and 2320

Downside trades – Two options for entry

• Failed retest of resistance level -2294
• Failed retest of support level– 2289.5
• Opening target ranges –2292.5, 2290.5, 2287.5, 2284, 2280.5, 2278.25, 2275, and 2272.25, 2268.75, and 2264.5

Nasdaq Futures

Bullish activity continues and will accelerate if traders can get us above 5163. Failure to breach this level means that we could head to deeper support below near 5130 and 5122.5

Buying pressure will likely strengthen with a positive retest of 5163, selling pressure will strengthen with a failed retest of 5139.25. Price resistance sits near 5163.25 to 5168.5, with 5173.5 and 5178.75 above that. Price support holds between 5147.5 and 5140.5, with 5130.75 and 5122.75 below that

Upside trades – Two options

• Positive retest of continuation level -5163
• Positive retest of support level– 5144.5
• Opening target ranges – 5149.5, 5155.75, 5158.75, 5162.5, 5166, 5168.5, 5773.5, 5178.75, 5183.5, and 5188.25

Downside trades- Two options

• Failed retest of resistance level -5155.5( needs confirmation – still countertrend)
• Failed retest of support level– 5139.25
• Opening target ranges –5150.5, 5146.5, 5140.75, 5137.25, 5132.75, 5126.5, 5122.5, 5117.75, 5113.75, 5109.5, 5103.75, and 5098.7

Crude Oil –WTI

Oil broke higher but is fading in the early morning. Higher lows point to a press forward with a target near 54.28 – failure to breach and hold 53.87 forces us back into congestion.

Buying pressure will likely strengthen with a positive retest of 54.07. Selling pressure will strengthen with a failed retest of 52.56. Price resistance sits near 53.87 to 54.06, with 54.28 and 54.51 above that. Price support holds between 53.23 and 53.03, with 52.78 and 52.06 below that.

Upside trades – Two options

• Positive retest of continuation level -53.87
• Positive retest of support level– 53.24
• Opening target ranges – 52.84, 53.14, 53.24, 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 -53.67
• Failed retest of support level– 53.2
• Opening target ranges –53.46, 53.23, 53.04, 52.78, 52.56, 52.28, 52.08, 51.78, 51.52, 51.24, 51.04, 50.82, 50.47, 50.3, and 50.16

If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.

Visit TheTradingBook for more information.

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.