Broad Market Outlook for Jan 19, 2018
Note that you can access today’s economic calendar with a full rundown of releases.
S&P 500 Futures
Resistance remain near 2809 and support to watch today is 2794. We broke this level yesterday but recovered. Fades into support remain solid buying opportunities but as grinding motion begins, we could move into a reversion to the mean play which means we will be essentially range bound between 2789 and 2812. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 2804.75
- Selling pressure intraday will likely strengthen with a failed retest of 2790.75
- Resistance sits near 2806.75 to 2809.5, with 2811.5 and 2816.5 above that.
- Support holds between 2802.25 and 2791.25, with 2781.5 and 2768.5 below that.
NASDAQ Futures
Choppy trading yesterday into support gave our value buyers an ideal entry point near 6801 from which we have now crested into new highs before fading just a bit. Again, with everything to the upside, we look for support to hold before we engage as buying pressure will be strongest at support. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 6856.75
- Selling pressure intraday will likely strengthen with a failed retest of 6832.75
- Resistance sits near 6854.5 to 6872.5 with 6891.5 and 6912.5 above that.
- Support holds near 6836.25 and 6827.75, with 6816.5 and 6782.25 below that.
WTI Crude Oil
As trading turned choppy in the contract roll events, this chart faded into 62.78 before bouncing. Now we are caught in a range 100 ticks wide with the biggest congestion at 63.37. This will be the region to watch today as it will be a pivot for motion. Momentum is slightly bearish suggesting another test of support below is ahead. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 64.03
- Selling pressure intraday will strengthen with a failed retest of 63.27
- Resistance sits near 63.89 to 64.28, with 64.56 and 65.4 above that.
- Support holds near 63.3 to 63.04, with 62.76 and 62.26 below that.
If you’re interested in the live trading room, it is now primarily stock market futures content, though we do track heavily traded stocks and their likely daily trajectories as well – we begin at 9am with a morning report and likely chart movements along with trade setups for the day.
As long as the trader keeps himself aware of support and resistance levels, risk can be very adequately managed to play in either direction as bottom picking remains a behavior pattern that is developing with value buyers and speculative traders.
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.
