S&P 500 Futures Trading Outlook For April 17

S&P 500 Futures Trading Considerations For April 17, 2017

As volatility futures continue to spike, charts remain weighted by sellers refusing to buckle under any buying pressure.  The S&P 500 (INDEXSP:.INX) sits near key support for another day with all the burden on the buyers to reverse the current drift downward. Expect a bounce but…

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S&P 500 Futures (ES)

Though we should see some bouncing off support, it appears that these bounces will sell off as the have in days prior.  The range between 2317 and 2335 is very important for buyers to hold.  Gold and the 30-year bonds are holding their upper levels and are still in bullish formations-those assets continue to run ahead of the markets, providing crosswinds for any upside.

• Buying pressure will likely strengthen above a positive retest of 2354.5
• Selling pressure will likely strengthen with a failed retest of 2317
• Resistance sits near 2346.5 to 2354.5, with 2357.5 and 2361.25 above that
• Support holds between 2322.5 and 2317.5, with 2312.75 and 2305.5 below that

NASDAQ Futures  (NQ)

An ongoing test of lower support near 5347 is still unresolved. Lower highs are still anticipated under the selling pressure with more support levels near 5334.  Bounces will likely be sold under the negative momentum, particularly at the first pass.  Should buyers not be able to hold the against the selling pressure against them, it should signal that trending motion down may be on the horizon.

• Buying pressure will likely strengthen with a positive retest of 5367.5 (use caution as sellers sit close by- wait for a retest)
• Selling pressure will likely strengthen with a failed retest of 5347.25
• Resistance sits near 5367.5 to 5378.5, with 5389.75 and 5394.25 above that
• Support holds between 5347.5 and 5334.5, with 5331.5 and 5325.5 below that

Crude Oil –WTI

After a fade off the highs, 53.25 now sits as resistance. As I see it, a test of 51.69 could easily be on the horizon, before another press upward.  Price action should be choppy.

• Buying pressure will likely strengthen with a positive retest of 53.26
• Selling pressure will strengthen with a failed retest of 51.54
• Resistance sits near 53.26 to 53.78, with 54.11 and 54.53 above that.
• Support holds between 52.6 and 52.23, with 51.69 and 50.88 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.