Stock Market Futures Considerations for May 22, 2017 (and days ahead)
The S&P 500 (INDEXSP:.INX) has rallied back into the open gap space created by last week’s whoosh lower. This will take some time to work through but buyers should be found at lower levels (read more below).
Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service at The Trading Book and are shared exclusively with See It Market readers.
S&P 500 Futures (ES)
Overnight formations look mixed as traders try to hold the bounce levels and the SPX potentially works through the gap fill. Pullbacks into support will find buyers. As traders watch markets sway back and forth, the big picture still remains mixed with buyers coming in at the deepest areas of support and sellers position at the highs. We will need to watch for formations to confirm on tight time frames before taking trades that we expect to hold. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen above a positive retest of 2386.25
- Selling pressure intraday will likely strengthen with a failed retest of 2359.25
- Resistance sits near 2381.5 to 2388.75, with 2394.75 and 2397.75 above that.
- Support holds between 2365.75 and 2361.5, with 2357.5 and 2351.75 below that.
NASDAQ Futures (NQ)
Key price support tests on the recovery are currently the battleground in the early morning Eastern time zone hours. The level at 5655 is an old support area that has been recovered. Above this level and buyers will hold the upper hand. Charts suggest some mixed motion suggesting that support levels will hold their bounces and resistance levels will find sellers as they have been. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 5657.5
- Selling pressure intraday will likely strengthen with a failed retest of 5622
- Resistance sits near 5657.5 to 5675.25, with 5686.5 and 5706.75 above that.
- Support holds between 5621.75 and 5616.75, with 5604.75 and 5587.5 below that.
Crude Oil –WTI
As OPEC continues to chatter about extended curbs on production, long traders have been rewarded with the purchase at any dips. The moves are clearly news driven at this juncture. Pullbacks are likely to find buyers – and there are likely to be pullbacks on the horizon – shallow, at first. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 51.92
- Selling pressure intraday will strengthen with a failed retest of 49.7
- Resistance sits near 51.87 to 52.15, with 52.54 and 53.01 above that.
- Support holds between 50.13 and 49.8, with 49.25 and 48.79 below that.
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 The Trading Book for more information.
Our live trading room 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.
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.
