Futures Trading Outlook For Friday: S&P 500, Nasdaq, Crude Oil

Stock Market Futures Trading Considerations For July 21, 2017

The S&P 500 (INDEXSP:.INX) made new highs once more yesterday… but the broad market index is vulnerable to a pullback.  Any failed retests will likely give way to a move lower (and into deeper support levels).  See key futures trading levels for the S&P 500, Nasdaq (INDEXNASDAQ:.IXIC), and crude oil.

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)

New highs again yesterday before a swift fade that recovered. Buyers hold control as upside pressure holds steady for traders. The level to hold intraday for buyers is 2469.  A failed retest there will bring us more intraday selling into deeper support. As suspected yesterday, support was 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 2472.5 (careful again here with resistance)
• Selling pressure intraday will likely strengthen with a failed retest of 2469
• Resistance sits near 2474 to 2476.5, with 2480.75 and 2482.5 above that.
• Support holds between 2469 and 2465.5, with 2461.25 and 2452.5 below that.

NASDAQ Futures

New highs achieved once again yesterday were not breached overnight but buyers have kept support steady at 5914 – even as we fade below it and quickly recapture the region.  The failed bounce on bigger time frames will give us deeper support tests – near 5900. Formations still suggest deep pullbacks will be buy zones.  I am on the lookout for lower highs across the board to tell me more selling pressure is building. 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 5910
• 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 5883.75 and 5860.5 below that.

WTI Crude Oil

After a test of 47.74, traders began taking profit and selling.  This has continued into our support levels near 46.48. Sellers will win any near-term battles below failed tests of 46.1.  Momentum is mixed as the battle between buyers and sellers is in full force. 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 47.2
• Selling pressure intraday will strengthen with a failed retest of 46.1
• Resistance sits near 47.46 to 47.74, with 48.23 and 48.80 above that.
• Support holds between 46.4 to 46.1, with 45.95 and 45.14 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.