Stock Market Futures Trading Outlook For February 14

S&P 500 Trading Considerations & Outlook For February 14, 2017

Broad time frames hold strength as tighter ones show a little pull into support likely today for the S&P 500 (INDEXSP:.INX).  It is still too early to short this chart on the swing but some powerhouses gave up quite a bit of their moves up….a cautionary note to be sure.  New targets are set upward but dips into support would be the best way to plan your day once more.

S&P 500 Futures – Buying pressure will likely strengthen above a positive retest of 2329, while selling pressure will strengthen with a failed retest of 2313.25

Price resistance sits near 2329 to 2332.5, with 2336.25 and 2341.5 above that. Price support holds between 2318 and 2313.5, with 2306 and 2299.75 below that.

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

TODAY’S RANGE OF MOTION

E-mini S&P 500 Futures Trading Outlook For February 14

Upside trades – Two options for entry

• Positive retest of continuation level -2329
• Positive retest of support level– 2319
• Opening targets ranges –  2322.5, 2328.75, 2332.5, 2336.25, and 2341.25

Downside trades – Two options for entry

• Failed retest of resistance level -2322.5 (careful here – very countertrend though toppy)
• Failed retest of support level– 2318.5
• Opening target ranges – 2319, 2315.25, 2313, 2309.75, 2304.75, 2302.75, 2299.5, 2297, 2294.25, 2291.75,  2288.5, 2284.5, 2279.75, 2276.25, 2274.25, 2272.25, 2269.5, 2264.5, 2260.5, 2256, 2253.5 and 2249.75

Nasdaq Futures

The NQ_F still holds its bullish trend and is sitting near highs set yesterday once again. We are trapped in a channel of price action and breaks down into support regions are going to be areas that buyers will wait to participate with the least risk.

• Buying pressure will likely strengthen with a positive retest of 5263.25
• Selling pressure will strengthen with a failed retest of 5235.25
• Resistance sits near 5263.25 to 5267.5, with 5274.5 and 5280.5 above that
• Support holds between 5246.25 and 5240.25, with 5235.25 and 5227 below that

Upside trades – Two options

• Positive retest of continuation level -5259.25
• Positive retest of support level– 5252.5
• Opening target ranges –  5259, 5261.5, 5263, 5267.75, 5274.5, and 5280.75

Downside trades- Two options

• Failed retest of resistance level -5258
• Failed retest of support level– 5252
• Opening target ranges –5252.75, 5246.75, 5240.25, 5235.25, 5229.75, 5227.75, 5221.75, 5217.75, 5212.5, 5207.5, 5202.25, 5197, 5186.25, 5180, 5173.75, 5167.25, 5161.5, 5157.25, 5154.5, 5151.5, 5145.5, and 5140.5

Crude Oil –WTI

Oil remains bound as we step into Tuesday before the API report after the close.  Higher lows are present but so are lower highs – expecting another day of compact movement.  The range between 51.5 and 54.3 remains uncontested.

• Buying pressure will likely strengthen with a positive retest of 54.4
• Selling pressure will strengthen with a failed retest of 52.9
• Resistance sits near 54.05 to 54.35, with 54.54 and 54.7 above that.
• Support holds between 52.8 and 52.63, with 52.26 and 51.52 below that.

Upside trades – Two options

• Positive retest of continuation level -53.42
• Positive retest of support level– 53.11
• Opening target ranges –  53.39, 53.68, 53.88, 54.06, 54.19, 54.34, 54.51, 54.76, 55.02, 55.19, and 55.35

Downside trades- Two options

• Failed retest of resistance level -53.35
• Failed retest of support level– 53.06
• Opening target ranges –53.06, 52.86, 52.64, 52.37, 52.2, 52.06, 51.91, 51.72, 51.52, 51.22, 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.