S&P 500 Futures Trading Outlook: Buyers Step Up

Broad Stock Market Futures Trading Overview for July 3, 2018

Bulls are looking to capitalize on yesterday’s recovery from important price support for the S&P 500 (INDEXCBOE:.INX).

Stock market futures are pressing up against an initial cluster of resistance that may be difficult to topple at first pass. I am cautiously long but on alert for any failure to push higher that results in another test of lower support.

S&P 500 Futures

Bounces are holding under the thin volume landscape.

Buyers hold us above the key level of 2727 in a rise off the higher lows of yesterday. The wide range is now in play with tests higher as long as we hold above that noted level of 2727.  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 2741.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2722.
• Resistance sits near 2739.5 to 2744.5, with 2749.75 and 2756.25 above that.
• Support sits between 2727.5 and 2719.5, with 2712.25 and 2706.75

NASDAQ Futures

NQ_F- Buyers use dips as entry positions in the current formation. The failure to breach higher will signal trouble here today as we see crosscurrents. Though we press higher, negative divergence intraday is showing so we’ll need to watch our edges carefully for continuation.  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 7167.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7129.5
• Resistance sits near 7162.5 to 7179.5 with 7224.5 and 7257.5 above that.
• Support sits between 7132.5 and 7119.5, with 7096.5 and 7059.75 below that.

WTI Crude Oil

Highs are retested and breached as volume slows and negative divergence intraday continues.  Higher lows should still hold from larger time frames as bullish pressure remains strong.  Use caution adding to your positions up at the new highs.  The API and EIA reports will give us a bit more color here, but selling is likely to be put off until the contract expiration date. 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 74.79
• Selling pressure intraday will strengthen with a bearish retest of 74.09
• Resistance sits near 74.94 to 75.24, with 75.47 and 76.27 above that.
• Support holds near 73.94 to 73.68, with 73.37 and 72.54 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.