Stock Market Futures Considerations For July 10, 2017
The S&P 500 (INDEXSP:.INX) is attempting to hold key price support. For that to occur, we’ll need to see buyers show up in force today on any dip.
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)
Though S&P 500 futures only show 7-8 points of motion priced in, charts suggest the possibility of larger ranges ahead. Support watches today look like 2414.75 while resistance creeps higher to a familiar 2432. Momentum is mixed across time frames, so we’ll need to watch these edges mentioned for changes in motion. 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 2430 (careful again here with resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 2414
- Resistance sits near 2429.5 to 2432.5, with 2446.5 and 2448.5 above that.
- Support holds between 2416.5 and 2412.25, with 2408 and 2402.5 below that.
NASDAQ Futures (NQ)
The Nasdaq continues to recover and the chart sits in a critical space to hold – a new line of recovered support near 5668. Support and resistance have both lifted significantly since Friday. 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 5685.75
- Selling pressure intraday will likely strengthen with a failed retest of 5644.5
- Resistance sits near 5684.75 to 5698.75, with 5714.25 and 5727.5 above that.
- Support holds between 5650.5 and 5644, with 5615.5 and 5597.75 below that.
WTI Crude Oil
WTI still holds its downward motion testing Friday’s low but buyers have come into the space near 43.7 to defend the line of support here. Momentum is slightly negative, so bounces will find sellers. Careful shorting lows here. Resistance sits near 45.6. 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 (careful -resistance ahead)
- Selling pressure intraday will strengthen with a failed retest of 43.6
- Resistance sits near 44.7 to 44.95, with 45.45 and 46.11 above that.
- Support holds between 43.6 to 43.21, with 42.9 and 42.58 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.
