Broad Stock Market Futures Outlook for April 6, 2018
Yesterday’s big bounce poked above our second target at 2667.50. That move marked a short-term high as the stock indices dipped deeply again in after hours on new tariff suggestions from President Trump.
2656 is an important level today and as long as the S&P 500 remains below this number, it is still likely to sell off.
S&P 500 Futures
Resistance sits near 2660 after a breach and then a failure so we are likely to form lower highs as long as we sit below 2651. Choppy congestions with some negative drift today is present but we are holding the lows of the morning. 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 2652.50
- Selling pressure intraday will likely strengthen with a bearish retest of 2536.50
- Resistance sits near 2649.75 to 2659.5, with 2669.25 and 2688.75 above that.
- Support sits between 2637.25 and 2618.5, with 2605.5 and 2588.50.
NASDAQ Futures
Traders pushed prices up into resistance yesterday, but as did the ES_F, were unable to hold the motion above its key support area around 6586. This will now be the area that sellers will lose control on the day if we breach AND hold the level. It is my estimation that we have a significant observation present -the powerhouses in this index are having trouble holding above their resistance levels. 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 6572.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6517.5
- Resistance sits near 6572.5 to 6590.5 with 6622.5 and 6654.25 above that.
- Support sits between 6520.5 and 6504.5, with 6475.25 and 6475.75 below that.
Crude Oil
Sellers hold some control after our latest reports on inventories and once again we sit testing 62.9 after making lower highs. Bounces from here will be susceptible to selling below 63.8 with a chance to break the recent lows below 62.17. We still see sideways formations with our ranges between 62.2 and 65.6. 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 63.54
- Selling pressure intraday will strengthen with a bearish retest of 62.8
- Resistance sits near 63.39 to 63.89, with 64.2 and 64.86 above that.
- Support holds near 62.82 to 62.2, with 61.87 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.
