Stock Market Futures Outlook: Bears Bring Some Pain

Broad Stock Market Overview for Monday, June 25

Trend formations have weakened after several days of back and forth. This lead to failed bounces and tests of lower support.

We are now trading near key price support levels on broader time frames so value buyers may swoop today and slow the decline. Initial bounces will have trouble gaining traction.

S&P 500 Futures

Profit taking has continued as charts dip but for several hours, we have held the lows of the overnight.

Holding those lows will be critical for the buyers who have stepped in. From an intraday perspective, we are certainly hunting deeper support but volume profiles across the board show the potential for price to firm up here.   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 2761.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2737.25
• Resistance sits near 2764.5 to 2768.5, with 2770.25 and 2774.25 above that.
• Support sits between 2732.5 and 2727.5, with 2717.25 and 2707.75

NASDAQ Futures

Buyers are moving in an attempt to hold price above support levels near 7150- a messy support zone.  

The current bounce action should try to force price into 7208.  That should present itself as the frontline of resistance today while support zones could dip quite a bit more if we lose 7130.  Price action is quite congested across larger time frames. 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 7182.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7136.5
• Resistance sits near 7174.5 to 7196.5 with 7207.5 and 7220.5 above that.
• Support sits between 7150.5 and 7136.5, with 7117.5 and 7108 .75 below that.

WTI Crude Oil

Mighty bounces continue after support held the consolidation event in the region between 65 and 66. 

I’m expecting higher lows to hold but watching for price to stall here a bit for now in a fade to support below near our breakout spaces above 67.56.   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 69.27
• Selling pressure intraday will strengthen with a bearish retest of 68.16
• Resistance sits near 68.88 to 69.17, with 69.86 and 70.17 above that
• Support holds near 68.7 to 68.29, with 67.98 and 67.55 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.