Broad Stock Market Futures Trading Outlook for July 6, 2018
The market continues to trade without direction. But the quick moves continue on the S&P 500 (NYSEARCA:SPY) and other broad stock indices. As traders, we have to take what we get, yet be nimble.
We are trading close to resistance so another fade is likely following the payroll numbers. However, if we see higher lows develop it could set up for a rally – so watch the next pullback.
S&P 500 Futures
As I mentioned at the beginning of the week – we are range bound but building lows that hold. Buyers hold us above the key level of 2727. Sellers hold us below 2749. Neutral momentum readings continue. 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 2744.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2727.75
- Resistance sits near 2743.5 to 2747.5, with 2753.75 and 2759.75 above that.
- Support sits between 2732.5 and 2727.5, with 2717.75 and 2712.75
NASDAQ Futures
Lots of wicks in the longer time frames, confirming the cross-currents we have been viewing this week. Range bound and with increasing price compression though holding higher lows, we still need a tone of caution when trading directionally. 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 7157.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7101.5
- Resistance sits near 7150.5 to 7165.5 with 7187.5 and 7227.5 above that.
- Support sits between 7113.5 and 7103.5, with 7097.5 and 7078.75 below that.
WTI Crude Oil
Sharp fades as sellers force the buyers into deep support. Higher lows should still hold from larger time frames as our bullish environment remains strong – but it is clear to see how deep the dips can be in this space. 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 72.79
- Selling pressure intraday will strengthen with a bearish retest of 72.14
- Resistance sits near 75.22 to 75.54, with 75.81 and 77.09 above that.
- Support holds near 72.27 to 71.87, with 71.54 and 71.27 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.
