S&P 500 Futures Trading Outlook For April 10, 2017

Stock Market Futures Trading Considerations For April 10, 2017

The S&P 500 (INDEXSP:.INX) and other futures trading indexes continue to look very congested into the holiday shortened week ahead.  A reminder that markets are closed for Good Friday.

Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service at The Trading Book and are shared exclusively with See It Market readers.

S&P 500 Futures (ES_F)

Our setups are similar for the third trading day in a row, confirming our tightening formations.  We are still generally bullish but range expansions do not look likely.

• Buying pressure will likely strengthen above a positiveretest of 2360.5 (but more resistance is ahead nearby)
• Selling pressure will likely strengthen with a failedretest of 2344.5
• Resistance sits near 2360.5 to 2365.5, with 2370.5 and 2376.25 above that
• Support holds between 2344.5 and 2336.5, with 2332.5 and 2323.5 below that

NASDAQ Futures

NQ_F- Momentum remains mixed giving us another range bound cycle of trading- ranges continued to tighten on Friday.  Deep pullbacks should find buyers but breakouts that hold are unlikely at this point.

• Buying pressure will likely strengthen with a positive retest of 5436.5 (use caution as sellers sit up here-wait for a retest)
• Selling pressure will likely strengthen with a failed retest of 5399.25
• Resistance sits near 5443.5 to 5452.75, with 5462.75 and 5478.25 above that
• Support holds between 5409.5 and 5399.5, with 5387.5 and 5372.5 below that

Crude Oil –WTI

Momentum remains positive but under weaker momentum.  Charts suggest more upside is possible, and recent reports show that hedge funds are positioned with greater that 3:1 ratios of long to short positions, with more short positions unwinding.  Pullbacks will present buying opportunities, and a key pullback area seems to be near 51.65

• Buying pressure will likely strengthen with a positive retest of 52.77
• Selling pressure will strengthen with a failed retest of 51.2
• Resistance sits near 52.77 to 53.2, with 53.76 and 54.38 above that.
• Support holds between 51.6 and 51.2, with 50.88 and 50.26 below that.

If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day. Visit TheTradingBook for more information.

Our live trading room 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.