S&P 500 Futures Update (May 11): Into Price Congestion

Broad Stock Market Futures Outlook for May 11, 2018

Though I have seen upward motion continue past 7 days, it is not the rule of motion.

Fridays have a statistical bias towards bullish behavior but we are approaching major congestion, so the stock market may move into these levels above us and then begin a fade. Pullbacks are still likely to find buyers in the bullish environment. Failure to hold support will be the first thing we see here if weakness develops. Gold futures have been on the move upward all week and are at heavy congestion.  Caution signals everywhere.

S&P 500 Futures

Another day of higher support – this is where we need to hold particular attention, in addition to the potential failure to break higher.  Neither of these parameters show at this time. Holding above support will remain very important for price continuation above 2713 today. Deeper retracements are likely if we lose 2703. 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 2723.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2709.75
• Resistance sits near 2723.5 to 2729, with 2734.5 and 2744.5 above that.
• Support sits between 2712 and 2704.75, with 2697.5 and 2682.50

NASDAQ Futures

Though mixed signals abound here, a thin auction profile here suggests that we could see a bit of acceleration here.  Higher support holds near 6929.  Pullbacks still show buyers will support us below.  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 6985.75
• Selling pressure intraday will likely strengthen with a bearish retest of 6948.5
• Resistance sits near 6985.25 to 7004.5 with 7019.75 and 7044.75 above that.
• Support sits between 6967.5 and 6948.5, with 6929.75 and 6889.5 below that.

WTI Crude Oil

Congestion and a slowing of price action here – We still need to keep our eyes on support levels as congestion builds here with higher support near 71.15.  Buyers are still in charge of this chart and deeper dips will bring them in.  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 71.8
• Selling pressure intraday will strengthen with a bearish retest of 71.11
• Resistance sits near 71.67 to 71.90, with 72.25 and 72.62 above that.
• Support holds near 71.15 to 70.76, with 70.46 and 69.87 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.