Stock Market Outlook for December 15, 2016 –
S&P 500 futures failed to hold over 2259 this morning, ushering in sellers during pre-market. The line in the sand for buyers to hold will be 2246. Below that, is 2240. Price action should be sticky with retraces as momentum sits in the neutral zone for the S&P 500 (INDEXSP:.INX). Price resistance is now at 2269 on ES futures, but could breach to test 2282.50 if the charts begin to test higher lows.
See today’s economic calendar with a rundown of releases.
TODAY’S RANGE OF MOTION
S&P 500 Futures Trading Outlook – December 15
Upside trades – Two options for entry
Positive retest of continuation level – 2261.75
Positive retest of support level – 2247.5
Opening targets ranges – 2254.50, 2257.25, 2260.50, 2263.75, 2267.75, 2270.25, 2273, 2275.50, 2278.25 and 2282.50
Downside trades – Two options for entry
Failed retest of resistance level – 2256.75
Failed retest of support level – 2246.25
Opening target ranges – 2251.5, 2249.50, 2246.50, 2242.75, 2238.75, 2234.75, 2231.50, 2227.75, 2224.25, and 2224.25
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Nasdaq Futures
The NQ_F faded from 4961 two days ago, and tested a lower high. Failure to hold 4920 and we’ll see 4898.50, and lower. Momentum is positive, but drifting. Resistance now holds near 4940 to 4961.
Upside trades – Two options
Positive retest of continuation level – 4940.50
Positive retest of support level -4898.50
Opening target ranges – 4909.50, 4911.25, 4919.75, 4928.25, 4934.50, 4939.75, 4942.25, 4947, 4959.75, 4965.50, and 4988.75
Downside trades – Two options
Failed retest of resistance level – 4938.50 (careful here – negative divergence needs to be present)
Failed retest of support level – 4920.75
Opening target ranges for non-members – 4934.25, 4925, 4919.75, 4909.50, 4901.75, 4898.75, 4883.75, 4876.25, 4872.25, 4863.75, 4859.75, 4854.75, and 4847.50
Crude Oil – WTI
As shale drillers increase output, and OPEC promises to cut production, WTI crude has drifted to fill the gap I mentioned over the last few days. This is a common occurrence. The big picture still presents higher lows on larger time frames, and resistance sits at 54.04 to 53.48 today. As the gap fills, we should find buyers near 51.53. The EIA report is due to be released at 10:30am
Upside trades – Two options
Positive retest of continuation level – 51.94
Positive retest of support level – 50.42
Opening target ranges for non-members – 50.86, 51.21, 51.54, 51.9, 52.24, 52.44, 52.96, 53.23, 53.41, 53.8, 54.04, 54.21, 54.5, 54.97, and 55.4
Downside trades – Two options
Failed retest of resistance level – 51.5
Failed retest of support level – 50.25
Opening target ranges – 50.27, 50.13, 49.87, 49.6, 49.27, 49.05, and 48.92
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:Â Â @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.
