Broad Stock Market Futures Outlook for June 26, 2018
Global trade and the phrase “trade wars” is captivating the financial markets. This spooked the markets again. The news media are saying that the President is not bluffing. But that’s the definition of a good bluff…. when everyone thinks something that won’t happen. Currently, stock futures are holding the lows.
Bounces could fade as they did yesterday, due to technical damage. Look at the orange lines on the images today – the bulls need to recover these lines in the sand in order for buyers to gain traction. Price resistance areas should be tough to mount on first passes.
S&P 500 Futures
As yesterday, we have held the lows of the overnight, but recapturing resistance will be far more important today.
From an intraday perspective, we are still hunting for deeper support. Once we get over the breach of resistance and present higher lows in the morning, buyers will be more inclined to participate. 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 2727.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2714.75
- Resistance sits near 2732.5 to 2736.5, with 2749.25 and 2754.25 above that.
- Support sits between 2709.5 and 2701.5, with 2697.25 and 2687.75
NASDAQ Futures
Traders sit at resistance currently near 7078 this morning after a solid bounce off the lows yesterday. The current bounce action should try to force price into 7097.5. Losing 7051 could make for another messy downside day as the bearish slant to motion unsettles the buyers. Deeper support looms below as buyers have everything to prove today. 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 7082.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7051
- Resistance sits near 7097.5 to 7108.5 with 7147.5 and 7158.5 above that.
- Support sits between 7040.5 and 7016.5, with 6994.5 and 6962 .75 below that.
WTI Crude Oil
Traders are rangebound once more into the API report at day’s end. Higher lows should still hold from larger time frames as we faded as expected before bouncing yesterday. The level near 67.7 will now be key support intraday. 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 68.58
- Selling pressure intraday will strengthen with a bearish retest of 68.16
- Resistance sits near 68.78 to 69.27, with 69.56 and 70.27 above that.
- Support holds near 68.27 to 68.09, with 67.78 and 67.25 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.
