Broad Stock Market Futures Overview for August 6, 2018
Today’s traders sit rangebound into the morning hours as they digest the world news and assess motion for the week.
A rangebound day seems entirely likely as we sit in regions of thin volume across the board. Higher support and overall bullish undercurrents make shorting a bit dicey as we are bouncing at the lower levels. Shorting the market is still a countertrend motion from the daily perspective.
KEEP THAT IN MIND IF YOU PLAN TO SHORT AT A LOSS OF SUPPORT. Patience is still key.
S&P 500 Futures
Higher support holds as this chart grinds in a tight range. Edges that break in this space are likely to retest – so the edges won’t likely signal breaks at the first pass into them. This is true for all the indices we watch. Crosscurrents are still active across the board. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 2844.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2834.75
- Resistance sits near 2841.75 to 2845.25, with 2851.75 and 2860.75 above that.
- Support sits between 2836.25 and 2831.5, with 2827.25 and 2816.75
NASDAQ Futures
Higher early morning support gives traders a chance to press back to resistance from 7392.
Price compression shows here so there is a move in the works. Inside the space between 7394 and 7423, we will see choppy action as there is quite a bit of price acceptance here. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 7416.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7379.5
- Resistance sits near 7415.5 to 7422.5 with 7436.5 and 7462.25 above that.
- Support sits between 7392.5 and 7380.75, with 7364.5 and 7321.75 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.
