Broad Stock Market Futures Outlook for May 10, 2018
Buyers held support and we are pressing higher into new resistance. Pullbacks are still likely to find buyers in the bullish environment as we stretch closer to target areas above.
Failure to hold support will be the first thing we see when weakness develops. Mind your position size as we hit upper resistance targets.
S&P 500 Futures
Support levels to hold intraday are higher once more, near 2692. Holding above support will remain very important for price continuation above 2697 early. Deeper retracements are likely if we lose 2690. 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 2703.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2692
- Resistance sits near 2700.5 to 2709, with 2717.25 and 2735.25 above that.
- Support sits between 2694 and 2684.75, with 2678.5 and 2667.50.
NASDAQ Futures
Resistance seems to sit at the first pass near 6920. Support holds near 6890 if we are to breach higher with lots of participation, else we will fade lower. 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 6915.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6889.50
- Resistance sits near 6913.25 to 6922.5 with 6930.25 and 6971.75 above that.
- Support sits between 6897.5 and 6889.5, with 6874.5 and 6834.5 below that.
WTI Crude Oil
Pullbacks continue to find buyers as traders hold price above breakout – 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 71.76
- Selling pressure intraday will strengthen with a bearish retest of 71.17
- Resistance sits near 71.67 to 71.87, with 72.25 and 72.56 above that.
- Support holds near 71.46 to 71.17, with 70.7 and 69.86 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.
