Broad Stock Market Outlook for March 6, 2018
Bounces continue across all the indices this morning and higher lows form as a potential right shoulder builds in the SPX on a 4 hour and daily charts.
Key price resistance lies ahead – watch support levels for potential cracks in the strength that buyers are putting together today.
S&P 500 Futures
Support holds near 2716 today. Failure to break and hold above 2750.75 will force traders back to our 2702 region of control. 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 2737.75
- Selling pressure intraday will likely strengthen with a failed retest of 2714
- Resistance sits near 2734.5 to 2746.5, with 2752.25 and 2759.75 above that.
- Support sits between 2720.5 and 2702.5, with 2683.25 and 2634.5 below that.
NASDAQ Futures
Bounce patterns also continue here with potential targets reaching as high as 6954 and 6980. Momentum holds upwardly steady. Support today sits higher near 6851. As long as traders hold us above 6836.75, buyers will continue pressing prices higher. 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 6906.5
- Selling pressure intraday will likely strengthen with a failed retest of 6891.25
- Resistance sits near 6928.5 to 6942.5 with 6965.5 and 6982.5 above that.
- Support sits between 6898.5 and 6878.75, with 6851.5 and 6789.75 below that.
WTI Crude Oil
API after the close. Buyers came to the rescue yesterday as WTI Crude rose past resistance near 62.5 and kept climbing. We sit in new higher congestion zones near 63.3 that are currently proving out as resistance. Holding our breach levels above 61.87 will allow the undercurrent to stay bullish as higher support showed a directional shift yesterday. 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 63.4
- Selling pressure intraday will strengthen with a failed retest of 62.37
- Resistance sits near 63.34 to 63.61, with 64.25 and 64.89 above that.
- Support holds near 62.45 to 61.87, with 61.36 and 60.77 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.
