S&P 500 Futures Trading Outlook For June 28, 2017

S&P 500 Futures Considerations For June 28, 2017

The S&P 500 (INDEXSP:.INX) declined into deep price support overnight and is now bouncing higher. Below are key levels to watch today.

Check out today’s economic calendar with a full rundown of releases.

S&P 500 Futures (ES)

Yesterday’s charts faded into the breakout zones near 2415 and have held nicely since late afternoon.  All eyes are focused ion the broken floor now standing as resistance near 2426-2429. Momentum is bearish but lifting. 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 2429
• Selling pressure intraday will likely strengthen with a failed retest of 2416
• Resistance sits near 2425.5 to 2428, with 2431.5 and 2434.5 above that
• Support holds between 2420 and 2417.25, with 2416.5 and 2413.5 below that

NASDAQ Futures (NQ)

Deeper supports were tested as the NQ continued its sharp fade.  Buyers are defending the region near 5639 as support this morning and resistance looks like it is presenting at 5673 for now. As Momentum is negative but lifting as traders test resistance.  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 5682
• Selling pressure intraday will likely strengthen with a failed retest of 5642
• Resistance sits near 5673.75 to 5682.75, with 5694 and 5726.25 above that
• Support holds between 5660.75 and 5645.75, with 5634.75 and 5627.5 below that.

WTI Crude Oil

Resistance remains- 44.2 to 44.65 as traders continue to buy into the current space near 44.2 with the EIA report on the horizon this morning.  Support is now near 43.67, and formations suggest that pullbacks will still find buyers.   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 44.24
• Selling pressure intraday will strengthen with a failed retest of 43.6
• Resistance sits near 44.12 to 44.4, with 44.61 and 45.49 above that
• Support holds between 43.67 to 43.35, with 42.94 and 42.53 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.