S&P 500 (INDEXSP:.INX) Market Trading Considerations For February 27, 2017
New highs on S&P 500 futures this morning have receded to test higher support levels as some divergence shows. A news heavy week should provide volatile trading spaces. A greater attention to risk is advised – taking long trades off support and short trades off resistance (less so), will prove out as the best trades today.
Buying pressure will likely strengthen above a positive retest of 2367.75, while selling pressure will strengthen with a failed retest of 2349.75.
Pice esistance sits near 2367.5 to 2369.75, with 2371.75 and 2376 above that. Price support holds between 2357.75 and 2354.25, with 2350 and 2346.5 below that
See today’s economic calendar with a rundown of releases.
TRADING SETUPS
S&P 500 Futures (ES)
Upside trades – Two options for entry
- Positive retest of continuation level -2367.75
- Positive retest of support level– 2354.25
- Opening targets ranges – 2351.5, 2355.5, 2357.25, 2360.75, 2362.75, 2364.75, 2370.25, 2372.25, 2376, 2381.25
Downside trades – Two options for entry
- Failed retest of resistance level -2362.25
- Failed retest of support level– 2358.75
- Opening target ranges – 2356.75, 2354.5, 2351.5, 2346.25, 2343.25, 2337.5, 2334, 2329.25, 2323.5, 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 (NQ)
The NQ_F As suspected on Friday, our bounces did send us into lower highs. The chart of the Nasdaq (INDEXNASDAQ:.IXIC) is still very bullish but stops may be challenged in long trades today. Short trades at the failed retests of support could be the key setups today.
- Buying pressure will likely strengthen with a positive retest of 5352.75
- Selling pressure will strengthen with a failed retest of 5299
- Resistance sits near 5352.75 to 5361.25, with 5370.75 and 5378.75 above that
- Support holds between 5306.25 and 5299, with 5290.25 and 5284.25 below that
Upside trades – Two options
- Positive retest of continuation level -5352.75
- Positive retest of support level– 5327.25
- Opening target ranges – 5313.5, 5320.25, 5330.75, 5335.25, 5340.25, 5346.75, 5350.5, 5354.5, 5360.25, 5364.5, 5367.75, 5378.75, 5382.75
Downside trades- Two options
- Failed retest of resistance level -5331.25
- Failed retest of support level– 5323.75
- Opening target ranges – 5327.75, 5323.75, 5320.75, 5318.75, 5311.75, 5306.5, 5297.75, 5294.25, 5291.25, 5286.75, 5277.75, 5273.75, 5271.25, 5266.75, 5263.25, 5259, 5252.75, 5246.75, 5240.25, 5235.25, 5229.75, 5227.75, 5221.75, 5217.75, 5212.5, 5207.5
Crude Oil –WTI
Bullish news holds WTI crude up this morning as momentum shifts north today. Though still rangebound, that chart seems to be poised to try a breach north in an attempt to break out of congestion. Chances are strong that the trades higher will be choppy.
- Buying pressure will likely strengthen with a positive retest of 54.58
- Selling pressure will strengthen with a failed retest of 53.75
- Resistance sits near 54.89 to 55.27, with 55.6 and 56.05 above that.
- Support holds between 53.8 and 53.48, with 53.25 and 52.8 below that.
Upside trades – Two options
- Positive retest of continuation level -54.6
- Positive retest of support level– 54.22
- Opening target ranges – 54.4, 54.54, 53.68, 53.88, 54.05, 54.19, 54.54, 54.85, 55.04, 55.12, 55.48, 55.68, 55.88, 56.04
Downside trades- Two options
- Failed retest of resistance level -54.18
- Failed retest of support level– 53.94
- Opening target ranges – 54.02, 53.88, 53.64, 53.48, 53.27, 53.11, 52.89, 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 watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.
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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.
