Nasdaq Futures Trading Outlook For June 22

Stock Market Futures Trading Considerations For June 22, 2017

Landlocked trading on the Nasdaq (INDEXNASDAQ:.IXIC) was the hallmark of yesterday. With generally sideways momentum, pullbacks will likely see buyers, delivering a lower high. Sellers are definitely present, though.

Check out today’s economic calendar with a full rundown of releases.  And note that the charts below are from our premium service and shared exclusively with See It Market readers.

NASDAQ Futures (NQ)

Tech rebounded sharply but has failed to recapture key high levels, and still shows up as the weakest of the group. We see new resistance at 5830.5, and then again at 5852.25.  Traders are likely to attempt recovery in this chart today, but the failure to hold 5777 will make continuation upward quite difficult.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intraday will likely strengthen with a positive retest of 5729
• Selling pressure intraday will likely strengthen with a failed retest of 5703.25
• Resistance sits near 5728.75 to 5750.25, with 5760.5 and 5777.5 above that
• Support holds between 5716.25 and 5703.5, with 5690.25 and 5684.75 below that

(BONUS) TRADE SETUPS  — NASDAQ Futures

Upside trades – 

• Positive retest of continuation level -5802.75
• Positive retest of support level– 5777.75
• Opening target ranges  –  5782.5, 5787.75, 5794.5, 5798.25, 5804.75, 5813.75, 5817.5, 5824.5, 5839.25, 5844, 5852.5, 5878.25

Downside trades-

• Failed retest of resistance level -5794.5
• Failed retest of support level– 5780
• Opening target ranges –5791.75, 5788.75, 5784.75, 5780.25, 5777.75, 5768.75, 5764.25, 5758.75, 5754.75, 5732.5, 5728.25, 5720.75, 5714.75, 5708.5, 5705.75, 5702.25, 5699.25, 5692.75, 5686.5, 5678.5, 5674.5, 5670.75, 5665.5, 5659.5, 5655.25, 5647.5, 5641.5, 5626.75, 5616.5

S&P 500 Futures (ES)

Price support has shifted down to 2428 but could break before recovering as we hold range bound intraday formations for now. 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 2438
• Selling pressure intraday will likely strengthen with a failed retest of 2428
• Resistance sits near 2440.5 to 2446.5, with 2451.5 and 2454.5 above that
• Support holds between 2428 and 2424.25, with 2419.5 and 2413.5 below that

WTI Crude Oil

After the deep fade to 42.05, traders began a relief bounce with trapped buyers sitting between 429 and 43.3 – which should provide resistance for the chart and an opportunity for more selling. Traders trying to catch bottoms will be surprised by a new fade – which I suspect is on the horizon.  Fibonacci targets remain between 41.7 and 41.2. 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 42.94
• Selling pressure intraday will strengthen with a failed retest of 42.23
• Resistance sits near 43.3 to 43.7, with 44.2 and 44.89 above that
• Support holds between 42.23 to 42.05, with 41.71 and 41.13 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 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.