Broad Stock Market Futures Outlook for May 9, 2018
Deep fades found buyers in a news-heavy day yesterday. Buyers have prevailed across the board and now sit at key resistance noted in prior posts.
Fades are likely to find buyers in the bullish environment here….but those fades could be deeper if initial support is lost. Watch your size.
S&P 500 Futures
Support levels to hold intraday are higher near 2678. Holding above here will remain very important for price continuation into 2692 and 2697. A retrace of yesterday’s action will gain strength if we lose 2667. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 2684.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2674.50
- Resistance sits near 2684 to 2687.5, with 2692.25 and 2697.25 above that.
- Support sits between 2678 and 2674.75, with 2667.5 and 2658.50.
NASDAQ Futures
Resistance for now looks like the region around 6850 with the first pass fades into support finding buyers. Support holds near 6812 today. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 6853.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6831.50
- Resistance sits near 6851.5 to 6865.5 with 6880.25 and 6891.5 above that.
- Support sits between 6834.5 and 6814.5, with 6797.5 and 6779.5 below that.
WTI Crude Oil
EIA report today- We will need to keep an eye on support levels as we press higher in the volatile space. The rumor mill moved this one yesterday and buyers held the lows. We sit at target regions and are drifting down a bit in the taking of profit. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 70.8
- Selling pressure intraday will strengthen with a bearish retest of 70.34
- Resistance sits near 71.17 to 71.62, with 71.87 and 72.22 above that.
- Support holds near 70.13 to 69.85, with 69.17 and 68.56 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.
