S&P 500 Futures Trading Outlook For June 26, 2017

Stock Market Futures Trading Considerations For June 26, 2017

Traders are resuming bullish control as the S&P 500 (INDEXSP:.INX) opens the week above price levels that used to be resistance. How much higher can bulls push the market? See the charts and analysis below.

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.

S&P 500 Futures (ES)

How well we maintain this level here at 2441 will be critical to determining forward motion, but breakouts are likely to fade before resuming the uptrend.  Support intraday has shifted up to 2429 but could break before continuing upside.  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 2442
• Selling pressure intraday will likely strengthen with a failed retest of 2428
• Resistance sits near 2442 to 2445.5, with 2448.5 and 2451.5 above that.
• Support holds between 2428 and 2424.25, with 2419.5 and 2413.5 below that.

NASDAQ Futures (NQ)

Tech holds its recovery formation.  Momentum holds bullish in intraday formations. We see new resistance at 5854.5, and then again at 5874.25.  Traders are pushing price into 5845 where we should see sellers.  Pullbacks are likely to be shallow until the chart gets to clean resistance near that 5854.5 – Support holds higher at 5794.75  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 5847.5
• Selling pressure intraday will likely strengthen with a failed retest of 5817
• Resistance sits near 5845 to 5854.5, with 5865 and 5874.25 above that.
• Support holds between 5830.5 and 5817, with 5808.75 and 5794.75 below that.

WTI Crude Oil

Resistance moves higher into 43.65 and 43.82.  Below 43, sellers will attempt to press charts lower.  Fibonacci targets remain between 41.7 and 41.2 but there is an undercurrent of buying pressure that should stop us from selling lows. 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 43.65
• Selling pressure intraday will strengthen with a failed retest of 42.93
• Resistance sits near 43.42 to 43.7, with 44.2 and 44.89 above that
• Support holds between 42.93 to 42.58, with 42.3 and 41.78 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.