S&P 500 Futures Trading Outlook For April 11, 2017

Stock Market Futures Trading Considerations For April 11, 2017

As suspected, range expansions on the S&P 500 (INDEXSP:.INX) were held at bay yesterday as momentum continues to drift.  Buyers appear to be waiting at lower levels to hold the range at support, yet few are eager to buy at higher prices. Therefore the trading range continues to tighten.  Gold and the 30-year bonds are holding their upper levels and are still in bullish formations – keep an eye on gold and bonds as a breakout may pressure equities.

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)

Large traders are waiting for a catalyst as risk has widened a bit (shown by the SPX straddle expiring today).  Caution ahead, and for me, that means managing size appropriately as whipsaws could easily be part of the day ahead.

• Buying pressure will likely strengthen above a positive retest of 2361.5 (but more resistance is ahead nearby)
• Selling pressure will likely strengthen with a failed retest of 2344.5
• Resistance sits near 2361.5 to 2365.75, with 2370.5 and 2376.25 above that
• Support holds between 2344.5 and 2339.5, with 2334.5 and 2323.5 below that

NASDAQ Futures (NQ)

NQ_F- Momentum is adrift and losing upside strength but still well within a range of motion.  Cautionary tones are required and trading level to level will give us opportunities for gains within the range.  Deep pullbacks should still find buyers but it is likely that we have lower highs across the board today.   However, the breach of resistance and a positive retest will violate this supposition.

• Buying pressure will likely strengthen with a positive retest of 5443.5 (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

CL_F -Momentum remains positive with bullish momentum holding buoyed by the weight of long traders and news that reserves continue to dip.  The API report will be out today after the close.  Charts suggest more upside is likely, and pullbacks will present buying opportunities.

• Buying pressure will likely strengthen with a positive retest of 53.76
• Selling pressure will strengthen with a failed retest of 51.54
• Resistance sits near 53.3 to 53.78, with 54.11 and 54.53 above that.
• Support holds between 52.84 and 51.54, with 50.88 and 50.26 below that.

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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.