S&P 500 Futures Trading Outlook: July 2 Levels of Interest

Broad Stock Market Futures Trading Outlook for July 2, 2018

Bulls are trying to successfully retest support levels and keep buyers/sellers in a range. That said, sellers have yet to relinquish control.

Lower price support levels remain important across the major stock market indices (see below) and should be tested. Resistance remains strong overhead.

S&P 500 Futures

Weak bounces suggest sellers still have control of the landscape.

Sellers have forced us below 2727 as our charts show the support region near 2697 hold for now. Deep dips are sure to find value buyers in this landscape, but bottom picking becomes more dangerous if we continue to test these levels at support without lifting past resistance. 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 2721.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2702.
• Resistance sits near 2717.5 to 2727.5, with 2736.75 and 2742.25 above that.
• Support sits between 2699.5 and 2692.5, with 2687.25 and 2679.75

NASDAQ Futures

Sellers resumed control at resistance and we are once again testing support. Higher lows are present on the wider angles of viewing and the fade to higher support regions that we expected (see Friday’s post) is what we are faced with this morning.  Positive divergence intraday holds so far. 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 7047.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7001.5
• Resistance sits near 7032.5 to 7041.5 with 7058.5 and 7084.5 above that.
• Support sits between 7012.5 and 6996.5, with 6967.5 and 6929.75 below that.

WTI Crude Oil

Highs are retest as volume slows and negative divergence intraday shows.  Higher lows should still hold from larger time frames as the backdrop of news shows worried traders about supply.  Use caution adding to your positions up at the new highs that may come as there is the likelihood of pressure building from above and a potential reversal to higher support zones.   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 74.37
• Selling pressure intraday will strengthen with a bearish retest of 73.10
• Resistance sits near 74.03 to 74.34, with 74.56 and 74.87 above that.
• Support holds near 72.91 to 72.57, with 72.27 and 71.54 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.