Broad Stock Market Futures Outlook for June 21, 2018
The trading action has reached a pivotal point as S&P 500 volatility begins to pick up – perhaps a signal that traders are readying for the next move.
Perhaps we see another compression of price before a decision is made. The key for bulls: primary support needs to holds. The key for bears: lower highs and lower lows.
The bears start the day aggressively…
Another S&P 500 futures bounce has faded giving us long tails on this daily candle.
Support levels to watch today are 2762 – resistance to watch is 2776. If traders fail to break lower, we’ll begin to hold support and continue a bounce into congestion levels above. The image today (above) shows a completed formation and test of deep support. This suggests that fades that are deeps should still find buyers for now. 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 2761.5
- Resistance sits near 2778 to 2784.25, with 2791.5 and 2794.75 above that
- Support sits between 2762.5 and 2757.75, with 2751.25 and 2744.75
NASDAQ Futures
Today’s image shows the potential of an alternate ABCD pattern at completion. Failure to hold 7320 will increase the likelihood of another retrace into support at this cycle but deep dips will continue to find value buyers. Crosscurrents are heavy so wicks continue to appear. We are still making higher lows and higher highs, so first pullbacks into noted levels will find buyers. 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 7324.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7288.5
- Resistance sits near 7320.5 to 7336.25 with 7353.5 and 7376.5 above that.
- Support sits between 7279.5 and 7261.5, with 7248.5 and 7224 .75 below that.
WTI Crude Oil
Traders continue to trade this chart in a range between 64 and 67. Spikes in either direction should reverse in this space. Resolution of price will occur with failed retests of support or positive retests of resistance…and not before. 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 65.56
- Selling pressure intraday will strengthen with a bearish retest of 64.43
- Resistance sits near 65.76 to 66.12, with 66.38 and 66.77 above that.
- Support holds near 64.34 to 64.21, with 63.74 and 63.39 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.
