Broad Stock Market Outlook for March 7, 2018
The news about Gary Cohn leaving the Trump administration sent markets gapping down after hours. However, since that news hit the the wires, stock market futures seem to be hanging in there, holding the lows.
We now sit in a mixed patch with momentum gaining bearish strength. We’ll be watching to see if the lows hold as this recovery attempt tries to take shape. Failure to recapture the lows if lost will create a stronger selling pressure and a revisit to the lows seen on longer time frames.
S&P 500
Resistance holds near 2716 today. Failure to break and hold above 2734.75  or the loss of 2702 region (which will likely be a battleground) will force traders back to deeper supports seen yesterday and overnight. Above 2711 we should see buyers try to resume strength. 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 bullish retest of 2707.25
- Selling pressure intraday will likely strengthen with a bearish retest of 2681.5
- Resistance sits near 2710.75 to 2716.5, with 2720.25 and 2734.75 above that.
- Support sits between 2697.5 and 2691.5, with 2682.25 and 2662.5 below that.
NASDAQ Futures
Bounce patterns off the gap down here continues as they have off of support regions. Momentum is mixed.  Solid support today sits lower near 6820. As long as traders hold us above 6865.75, buyers will continue pressing prices higher in an attempt to fill yesterday’s gap created by the news of a key team member of the administration resigning.  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 bullish retest of 6874.5
- Selling pressure intraday will likely strengthen with a bearish retest of 6820.25
- Resistance sits near 6870.5 to 6886.5 with 6894.5 and 6908.5 above that.
- Support sits between 6840.5 and 6820.75, with 6795.5 and 6787.75 below that.
WTI Crude Oil
EIA at 10:30 ET-  Buyers came to the rescue early this morning as oil traded into support region near 61.85.  We sit in new lower resistance and congestion zones near 62.34. The retest and hold again of our support levels above 61.87 keeps the undercurrent slightly bullish but momentum is mixed and continuation is a bit undetermined. 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 bullish retest of 62.52
- Selling pressure intraday will strengthen with a bearish retest of 61.78
- Resistance sits near 62.47 to 62.85, with 63.25 and 64.39 above that.
- Support holds near 61.8 to 61.37, with 61.07 and 60.46 below that.
Twitter:Â Â @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.
