S&P 500 Futures Trading Update: Bears Stir The Pot

Broad Stock Market Futures Outlook for June 18, 2018

Stocks are sliding into deeper support levels as the bears come out of the gates with heavy selling. This is a continuation of Friday’s action.

Dips look to be deeper in the early going but a bounce is coming. The strength or weakness of that bounce will be telling.

Familiar support near 2765 now testing as buyers continue to struggle.

The failure to hold these regions will bring 2756 into view and then 2747.  Resistance is now at the old support we watched fade on Friday near 2776.   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 2776.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2764.5
• Resistance sits near 2778.5 to 2782.75, with 2787.5 and 2794.75 above that
• Support sits between 2762.5 and 2758.75, with 2751.25 and 2746.75

NASDAQ Futures

After overshooting many upside targets, this chart is fading to fill in thin volume regions. Support lines tested this morning are near a region of heavy congestion around 7224. 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 7249.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7224.5
• Resistance sits near 7254.5 to 7268.25 with 7285.5 and 7312.5 above that.
• Support sits between 7224.5 and 7205.5, with 7187.5 and 7157 .75 below that.

WTI Crude Oil

In a mighty fade into a contract expiration, traders bailed in the WTI drifting into lows not seen since April.  Support action is now quite important to watch as buyers try to reclaim the upper hand at these value areas. 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 65.01
• Selling pressure intraday will strengthen with a bearish retest of 64.06
• Resistance sits near 64.78 to 65.39, with 66.02 and 66.54 above that.
• Support holds near 64.12 to 63.6, with 63.34 and 62.72 below that.

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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.