Broad Stock Market Futures Outlook for April 18, 2018
Solid earnings continue to present, Yemen missiles and API drawdowns in inventories have the indices we watch moving into higher resistance once again.
These are all key levels of profit taking but there are no setups for short action at this time as we have both higher lows and higher highs in most formations. Pullbacks will continue to be buying zones but profit taking may take the dips a bit deeper for now. Cautiously long would be ideal today.
S&P 500 Futures
Earnings continue to fuel the press upward and traders are likely to take us to resistance near 2726 (as mentioned yesterday). Pullbacks at the first pass into congestion will still provide good buying regions for traders. Though we move higher, the surge still has power showing so reversals are likely to be short-lived – particularly at the first pass fade into congestion. 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 2717.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2707.5
- Resistance sits near 2716.75 to 2727.75, with 2734.25 and 2756.75 above that.
- Support sits between 2709.75 and 2692.5, with 2684.75 and 2668.50
NASDAQ Futures
The storyboard of good earnings releases keeping charts green remains as higher resistance levels loom near 6884. Pullbacks into congestion and support will still be buying zones. Holding 6815 will be important to buyers today. The failure to breach higher in the motion today for clues of reversal- and there aren’t any of those at present. 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 6860.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6815
- Resistance sits near 6854.5 to 6883.75 with 6900.5 and 6936.25 above that.
- Support sits between 6842.5 and 6816, with 6778.75 and 6725.75 below that.
WTI Crude Oil
Yemen getting bold with missiles over Saudi Arabia and API drawdowns give us lots of buying pressure as the threat of disruption and supply tightening. Today, the line in the sand for pressure should be around 66.72. The failure to make new highs is the first test of a reversing formation – not currently visible. 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 67.76
- Selling pressure intraday will strengthen with a bearish retest of 67.2
- Resistance sits near 67.7 to 68.21, with 69.1 and 69.78 above that.
- Support holds near 67.24 to 66.7, with 66.36 and 65.52 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.
