Broad Stock Market Outlook for April 5, 2018
For those of us who like to watch intraday bottoms form, it is important to look for ONE thing before setting the parameters for an upside trade: The failure to make new intraday lows.
A higher low, and away we go. Yesterday set the stage for this move higher and now we will watch for the market’s reaction to a pullback. Higher lows will set the stage for a move higher yet.
S&P 500 Futures
New intraday resistance sits near 2660 regions and will provide selling opportunities at the first pass. We are likely to form higher lows as long as we sit above 2654. Below that, we will enter choppy congestion with a potential to sell off before 2644. 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 2660.50
- Selling pressure intraday will likely strengthen with a bearish retest of 2550.50
- Resistance sits near 2657.75 to 2667.50, with 2679.25 and 2698.75 above that.
- Support sits between 2654.25 and 2646.50, with 2635.50 and 2615.50.
NASDAQ Futures
The Nasdaq finally held some traction as bounces held and intraday higher lows began to form. We sit above key support of 6586 currently with a resistance line of 6654 ahead. My thought with all the charts is that we are in a wide range of congested play, back and forth. So although I am looking at long setups, I suspect we will begin to make lower highs during the day. 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 6654.5
- Selling pressure intraday will likely strengthen with a bearish retest of 6624.75
- Resistance sits near 6648.50 to 6684.750 with 6722.50 and 6772.25 above that
- Support sits between 6630.50 and 6586.50, with 6535.25 and 6475.75 below that.
WTI Crude Oil
Bounces did not move us out of range bound territory after the EIA report yesterday. Momentum is lifting but we still see sideways formations with our ranges between 62.20 and 65.60. 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 63.80
- Selling pressure intraday will strengthen with a bearish retest of 62.80
- Resistance sits near 63.76 to 64.48, with 65.02 and 65.56 above that.
- Support holds near 63.17 to 62.85, with 62.24 and 61.53 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.
