Stock Market Futures Considerations For August 24, 2017
The S&P 500 (INDEXSP:.INX) is set to open higher on Thursday. The key for buyers will be to see if they can breakout above overhead resistance. See today’s futures trading levels for the S&P 500, Nasdaq, and crude oil.
Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service and shared exclusively with See It Market readers.
S&P 500 Futures (ES)
Still trapped in tightening ranges between 2437 and 2456 today as traders attempt to strengthen their positions in either direction. Range based trading techniques are likely required for another day. Momentum intraday is slightly bullish but suggest lower highs are potentially on the horizon. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intradaywill likely strengthen above a positive retest of 2449.5
- Sellingpressure intraday will likely strengthen with a failed retest of 2435
- Resistance sits near 2446.75 to 2451.25, with 2456 and 2461.25 above that
- Support holds between 2437.5 and 2434.5, with 2431.5 and 2428.75 below that.
NASDAQ Futures (NQ)
Still trapped between ranges – 5818 and 5896 today as they attempt to strengthen their positions in either direction. For the intraday trader, this means we will be challenged to find trend during the day. Momentum intraday is slightly bearish to neutral but suggest higher lows on the horizon. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buyingpressure intraday will likely strengthen with a positive retest of 5874.75
- Sellingpressure intraday will likely strengthen with a failed retest of 5827.5
- Resistance sits near 5874.75 to 5884.5, with 5896.75 and 5911.5 above that.
- Support holds between 5840.5 and 5829.5, with 5818.75 and 5806.5 below that.
WTI Crude Oil
Oil remains caught in congestion as buyers and sellers battle for dominance. Momentum is mixed but slightly bullish and suggests squeezing price action. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buyingpressure intraday will likely strengthen with a positive retest of 48.46
- Sellingpressure intraday will strengthen with a failed retest of 47.92
- Resistance sits near 48.35 to 48.59, with 48.89 and 49.24 above that.
- Support holds between 47.92 to 47.76, with 47.54 and 47.12 below that.
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: @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.
