Stock Market Futures Trading Considerations For July 20, 2017
The S&P 500 Index (INDEXSP:.INX) is set to open slightly higher but traders should note the overhead resistance levels that may stall this move today. Key futures trading levels and analysis are located below for the S&P 500, Nasdaq, and Crude Oil.
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S&P 500 Futures (ES)
New highs for yesterday as well as the overnight trading session as upside pressure holds steady for traders. Buyers continue to run the show. Resistance presses forward as we look at Fibonacci extensions for next targets. Price support is a bit deeper as the moves have been sharp. 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 2472 (careful again here with resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 2469.25
- Resistance sits near 2472 to 2476.5, with 2480.75 and 2482.5 above that.
- Support holds between 2469.5 and 2466.75, with 2461.25 and 2452.5 below that.
NASDAQ Futures (NQ)
New highs yesterday were not breached overnight but buyers have kept support steady at 5914. This will be the region to defend if buyers want to keep control of the chart. Formations still suggest pullbacks will be buying zones as momentum holds steady. 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 5924.75
- Selling pressure intraday will likely strengthen with a failed retest of 5891
- Resistance sits near 5824.5 to 5932.5, with 5942.75 and 5958.75 above that.
- Support holds between 5905.5 and 5896.75, with 5886.75 and 5860.5 below that.
WTI Crude Oil
Buyers are in control and forcing price into new resistance regions near 47.74 and potentially 48.8. Sellers will win any near-term battles below failed tests of 47.1. Momentum is still flat to slightly upward, suggesting that buyers will find support on the pullbacks. 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 47.46
- Selling pressure intraday will strengthen with a failed retest of 47.06
- Resistance sits near 47.46 to 47.88, with 48.23 and 48.80 above that.
- Support holds between 47.1 to 46.74, with 46.30 and 45.95 below that.
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.
