S&P 500 Futures Trading Update: Rally On

Stock Market Considerations For November 1, 2017

The S&P 500 (INDEXSP:.INX) and Nasdaq (INDEXNASDAQ:.IXIC) are trading higher on Wednesday morning. A move of greater trading significance may be in the offing. Stay alert and watch your levels!

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

HIGHER LOWS kept traders on the right side of the trade yesterday and overnight we saw NEW HIGHS and Fibonacci extensions pointing to 2582 and 2584.75.  Pullbacks are still likely to find buyers as momentum remains bullish.   Watch support regions to hold in the climb forward.  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 2579
• Selling pressure intraday will likely strengthen with a failed retest of 2574.5
• Resistance sits near 2580.5 to 2582.25, with 2584.75 and 2588.5 above that.
• Support holds between 2577.5 and 2575.5, with 2572.5 and 2569.5 below that.

NASDAQ Futures

The NQ continued into HIGHER HIGHS and HIGHER LOWS and is now at a Fibonacci target holding 6284.  As long as we hold new support levels above 6256.75, charts will hold bullish strength.  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 6278.75
• Selling pressure intraday will likely strengthen with a failed retest of 6266.5
• Resistance sits near 6284.5 to 6299.75 with 6309.75 and 6322.25 above that.
• Support holds between 6272.25 and 6266.5, with 6256.75 and 6242.5 below that.

WTI Crude Oil

Oil broke out and is presenting HIGHER LOWS and HIGHER HIGHS.  Momentum is still bullish as buyers finally pressed us into targets that they have been on the radar for some time.  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 54.85
• Selling pressure intraday will strengthen with a failed retest of 54.47
• Resistance sits near 55.2 to 55.48, with 55.88 and 56.48 above that.
• Support holds between 54.85 to 54.67, with 54.23 and 53.6 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.