Stock Market Futures Considerations For April 25, 2017
The S&P 500 Index (INDEXSP:.INX) continues to rally higher as momentum builds.Holding above 2370 will be important as the market looks for another day of gains.
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)
We battle near the breakout level noted yesterday near 2375, while 2365 still represents a foothold for buyers to maintain to keep sellers at bay. Momentum holds bullish suggesting that buyers will be waiting at value areas to participate. Watch for failed retests to consider shorts into support levels (which continue to hold higher )…and for positive retests of breakout regions for long action to continue. First support action this morning will be 2371, so a loss of this level and a failure to quickly recapture will set up a fade. Holding above that level will keep buyers in the game and will force action to the edges of higher resistance
- Buying pressure intraday will likely strengthen above a positive retest of 2375 ( careful here as sellers will try to push them down)
- Selling pressure intraday will likely strengthen with a failed retest of 2365
- Resistance sits near 2373.75 to 2376.75, with 2380.5 and 2383.5 above that
- Support holds between 2365.5 and 2360.5, with 2357.5 and 2354.75 below that
NASDAQ Futures (NQ)
This chart tested our Fibonacci target of 5517.75 in the late night session and is still holding 5509 after a shallow fade. Upward momentum and continuing to break to new highs seems like the trajectory – cautionary notes need to be made here as momentum is a bit more damp up here, suggesting that big expansions will retrace. Pullbacks will continue to find buying support as long as we hold 5509. Below that, we are likely to retest 5492 as support. Resistance projections look like 5517.5, 5520.5, and 5524.5 should buying power continue. Intraday momentum is quite bullish.
- Buying pressure intraday will likely strengthen with a positive retest of 5517.75 – watch your size
- Selling pressure will likely strengthen with a failed retest of 5491.5
- Resistance sits near 5517.75 to 5520.5, with 5524.5 and 5533.75 above that
- Support holds between 5492.25 and 5483.25, with 5470.75 and 5462.25 below that
Crude Oil –WTI
WTI has struggled mightily at support as few traders are willing to push prices above 49.55 so far. Failure to hold 49.12 will bring a new group of sellers ready to move price into deeper support. API report is up after the close and the EIA will be tomorrow. Mixed messages continue to come over the wires and we hear that hedge funds continue to trim their long positions. Lower lows and lower highs continue in general for now as traders try to find real support. Sellers should show up at the tests higher should we bounce with the key area to recapture being 50.86
- Buying pressure intraday will likely strengthen with a positive retest of 49.55
- Selling pressure intraday will strengthen with a failed retest of 49.04
- Resistance sits near 50.51 to 50.86, with 51.3 and 51.77 above that.
- Support holds between 49.04 and 48.76, with 48.51 and 48.08 below that.
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.
