S&P 500 Futures Trading Outlook For August 28

Stock Market Futures Considerations For August 28, 2017

The S&P 500 (INDEXSP:.INX) is headed for a higher open on today, as buyers look to retest resistance.  It’s important that traders mind their trading pivots – see key futures price levels for the S&P 500, Nasdaq, 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)

We continue range bound with setups remaining the same over the last couple of days.  Watch the edges.  The sideways formations will hold….until they don’t, so manage your risk. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intradaywill likely strengthen above a positive retest of 2451.5
• Sellingpressure intraday will likely strengthen with a failed retest of 2435
• Resistance sits near 2448.75 to 2451.25, with 2455.75 and 2461.5 above that.
• Support holds between 2437.5 and 2434.5, with 2431.5 and 2428.75 below that.

NASDAQ Futures (NQ)

Ranges continue to test lower levels here in the NQ, and buyers continue to attempt bottom picking into lower highs. Use caution trading the edges here as we could swiftly move in either direction.  Momentum intraday is slightly bullish. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

• Buyingpressure intraday will likely strengthen with a positive retest of 5831.75
• Sellingpressure intraday will likely strengthen with a failed retest of 5802.5
• Resistance sits near 5844.75 to 5864.25, with 5884.75 and 5896.5 above that.
• Support holds between 5812.5 and 5802.5, with 5794.75 and 5774.5 below that.

WTI Crude Oil

Oil remains caught in congestion as buyers and sellers battle for dominance.  Squeezing action is present as lower highs and messy lows present.  Deep support continues to be bought.  Momentum is bearish to neutral. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.

• Buyingpressure intraday will likely strengthen with a positive retest of 48.26
• Sellingpressure intraday will strengthen with a failed retest of 47.2
• Resistance sits near 47.94 to 48.24, with 48.5 and 48.9 above that.
• Support holds between 47.23 to 47.01, with 46.9 and 46.6 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.