S&P 500 Futures Trading Outlook For March 13

S&P 500 Futures Market Considerations For March 13, 2017

The S&P 500 (INDEXSP:.INX) bounced off a weekly support level last week and continue to bounce around this key level.  Resistance levels need to be breached and retested before proving out the breach.  Support near 2358.25 could be tested but are also likely to hold – even as we slip into the news heavy week.

Buying pressure will likely strengthen above a positive retest of 2377, while selling pressure will likely strengthen with a failed retest of 2356.5.

Price resistance sits near 2375.5 to 2380.75, with 2389.5 and 2403.75 above that. Price support holds between 2360 and 2357.25, with 2355.5 and 2349.25 below that

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

NASDAQ Futures

The NQ_F broke out of its range into a higher range of congestion last week and holds in this region as we open the week.  Momentum is positive but somewhat muted – also suggesting range based trading today.  Us caution attempting breakout or breakdown trades.

• Buying pressure will likely strengthen with a positive retest of 5393.25
• Selling pressure will likely strengthen with a failed retest of 5339.25
• Resistance sits near 5392.75 to 5397.5, with 5400.5 and 5411.5 above that
• Support holds between 5339.25 and 5331.25, with 5319.5 and 5311.75 below that

Crude Oil –WTI

As hedge funds were caught on the wrong side of the trade, liquidations continue – and as short positions decrease, charts are falling more slowly.  We could be attempting to make a bottom here at 48, but a bounce into rejection could allow more trapped buyers to get out.  I suspect we try to double bottom if this is the bottom, else the charts could drift into 47.3 and even 46.8.

• Buying pressure will likely strengthen with a positive retest of 49.37
• Selling pressure will strengthen with a failed retest of 47.9
• Resistance sits near 49.79 to 50.64, with 51.3 and 51.8 above that.
• Support holds between 47.9 and 47.42, with 46.98 and 45.91 below that.

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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.