Stock Market Futures Trading Considerations For August 3, 2017
The futures market is trading flat, as the S&P 500 (INDEXSP:.INX) continues to trade in a sideways pattern. Analysis and key futures trading levels for the S&P 500, Nasdaq, and Crude Oil are located below.
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S&P 500 Futures (ES)
Support tests lower raise a warning signal for me when they occur and we saw one yesterday. As long as we do not repeat the event by breaking lower than yesterday’s 2463.25, we are still in a bullish formation overall. Resistance is still near 2478 as earnings season continues. Watch for the failed retest of 2467.75 for buyers to jump ship. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen above a positive retest of 2476 (careful again here with resistance)
- Sellingpressure intraday will likely strengthen with a failed retest of 2468
- Resistance sits near 2476 to 2477.75, with 2480.75 and 2483.75 above that.
- Support holds between 2470.5 and 2468, with 2463.5 and 2458.75 below that.
NASDAQ Futures (NQ)
A fade off the morning highs sent traders searching for value at supports not seen since last week. The bounce at value holds us right under the important breakout areas. We sit below resistance near 5920-5926. Support regions sit near 5900 – 5918. Momentum remains mixed. Watch for the hold or failure of 5926 to shift the balance between buyers and sellers as buyers have resumed command of the chart. 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 5929
- Sellingpressure intraday will likely strengthen with a failed retest of 5895
- Resistance sits near 5922 to 5928.75, with 5946.75 and 5958.75 above that.
- Support holds between 5900.5 and 5895.5, with 5884.75 and 5870.5 below that.
WTI Crude Oil
Buyers hold power in the charts as they press the tests of resistance above with eyes on reclaiming 50. Support is higher near 49.1. Deep pullbacks will continue to hold regions for buyers to engage in the current formation, but lower highs should send a sounding bell for us to be careful and watch support. Momentum is mixed so the key to future motion will be measuring how much resistance sits between 50.06 and 50.21 . Above 49.67, we’ll likely retest 50.06 and above that lies 50.44 and 50.82 to 51.13 as the next test areas. Below 49.1, we are likely to see 48.86, 48.55 and 48.34. 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 49.8
- Sellingpressure intraday will strengthen with a failed retest of 49.3
- Resistance sits near 49.8 to 50.06, with 50.34 and 50.84 above that.
- Support holds between 49.12 to 48.73, with 48.38 and 47.86 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.
