S&P 500 Futures Trading Outlook For October 4

Stock Market Trading Considerations For October 4, 2017

The S&P 500 (INDEXSP:.INX) is pausing here so traders will want to follow potential pivot levels and remain alert. Stocks are stretched, but upside targets remain… watch for failed retests as a caution sign.

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)

Charts have stalled near highs.  New support remains near 2529 with 2525.5 just below.  Formations are bullish but slightly divergent, so a watch for the failure to hold support, or the failure to test higher will signal slowing.  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 2533
• Selling pressure intraday will likely strengthen with a failed retest of 2523
• Resistance sits near 2533 to 2534.5, with 2536.5 and 2543.25 above that
• Support holds between 2526.25 and 2523.5, with 2518.25 and 2509.25 below that

NASDAQ Futures (NQ)

Momentum shows as mixed as traders fade from recent highs.  Holding higher lows means we still have buyers in charge.  Buyers need to hold 5976 for continuation forward.  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 5999 (but only into resistance)
• Selling pressure intraday will likely strengthen with a failed retest of 5976
• Resistance sits near 5997.75 to 6002.5, with 6009.5 and 6017.5 above that ( a pivot looms high above at 6055.75
• Support holds between 5978.5 and 5960, with 5947.25 and 5934.75 below that.

WTI Crude Oil

EIA report as bearish pressure holds.  The war at 50.3ish still rages at 50.34 after a fade before 50. Drillers continue to pull oil out of the earth at swift levels lifting supplies across the board increasing supply events. As yesterday, there is a bounce brewing here at support, but this seems to be poised to fail under the weight of sellers as the bounce yesterday failed.  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 50.74
• Selling pressure intraday will strengthen with a failed retest of 50.06
• Resistance sits near 50.62 to 50.78, with 51.14 and 51.68 above that.
• Support holds between 50.14 to 49.9, with 49.82 and 49.24 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.