Stock Market Futures Trading Outlook For March 1

Broad Market Outlook for March 1, 2018

As I mentioned yesterday, watching support becomes critical when price expands as rapidly as it did here recently.  And as the S&P 500 failed to recapture lost support yesterday, it pushed down even further.

The S&P 500 is now at an important level near 2702 that buyers desperately need to defend. If not, we will likely see deeper tests below.

S&P 500 Futures

Support holds at 2698 for now. Failure to break and hold above 2717 will present more downside possible.  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 with a positive retest of 2711.5
• Selling pressure intraday will likely strengthen with a failed retest of 2698
• Resistance sits near 2710.75 to 2717.5, with 2724.5 and 2746.5 above that.
• Support sits between 2702.5 and 2693.5, with 2686.25 and 2671.5 below that.

NASDAQ Futures

Deep dips continue after bounces here.  Support today sits near 6837.  We are in a support watch formation as we should see buyers try to coalesce near this area.  We remain in a broad region of congestion that currently holds mixed to bearish players.  Buyers will need to take us back above 6889 to resume control or we run the risk of deeper dips once more.  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 6878.5
• Selling pressure intraday will likely strengthen with a failed retest of 6837
• Resistance sits near 6868.75 to 6894.5 with 6918.5 and 6970.5 above that.
• Support sits between 6837.5 and 6822.75, with 6790.5 and 6762.5 below that.

WTI Crude Oil

Deep support is tested near 60.9 once more as traders try to keep bullish pressure on this month’s contract.  Bearish undercurrents show so the reversal to the upside (if it even has the chance of doing so – will be choppy).  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 62.12
• Selling pressure intraday will strengthen with a failed retest of 60.9
• Resistance sits near 61.3 to 61.78, with 62.10 and 62.77 above that.
• Support holds near 61.18 to 60.9, with 60.36 and 59.6 below that.

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.