Stock Market Futures Trading Overview For Jan 20, 2017
S&P 500 (INDEXSP:.INX) price support levels broke yesterday, but in true form buyers came to the rescue and brought us back into congestion. S&P 500 futures charts remain undecided with a slow news release day and options expiration.
Market momentum has dipped lower but remains in the confines of the congestion.
Buying pressure will likely strengthen above a positive retest of 2269.50. Selling pressure will strengthen with a failed retest of 2258. Price resistance sits near 2268.75 to 2271.5, with 2273.75 and 2279.5 above that. Price support holds between 2258- 2253, with 2251.50 and 2246.50 below that.
See today’s economic calendar with a rundown of releases, as well as a chart of the S&P 500 Index (below).
RANGE OF TODAY’S MOTION
E-mini S&P Futures
Upside trades – Two options for entry
- Positive retestof continuation level -2268.5 (watch for 2270-2273.25 for possible resistance)
- Positive retestof support level– 2262.25
- Opening targets ranges -2265.75, 2268, 2270.25, 2273.25, 2275.5, 2277, 2280.25, 2282.50, and 2285.25
Downside trades – Two options for entry
- Failed retestof resistance level -2267
- Failed retestof support level– 2261.5
- Opening target ranges –2265.5, 2261.5, 2259.25, 2257.75, 2255.5, 2252.75, 2248.5, 2246.50, 2242.75, and 2239.75
Nasdaq Futures
The NQ_F holds much of the bullish action in the charts but upward motion has slowed over the last couple of days. New highs have not been made, but neither have we seen broken lows that do not recover. Earnings season continues.
Buying pressure will likely strengthen with a positive retest of 5071.25. Selling pressure will strengthen with a failed retest of 5053.5. Price resistance sits near 5068.25 to 5074.75, with 5077.5 and 5081.75 above that. Price support holds between 5058 and 5053, with 5046.75 and 5037.75 below that.
Upside trades – Two options
- Positive retestof continuation level -5066 (needs confirmation on tight time frame and watch for 5053.5 for potential sellers)
- Positive retestof support level– 5057.5
- Opening target ranges – 5062.25, 5064.5, 5066, 5069.75, 5073.25, 5075.5, 5077.5, and 5081.75
Downside trades- Two options
- Failed retestof resistance level -5062.5
- Failed retestof support level– 5057
- Opening target ranges – 5059, 5053.5, 5050.25, 5046.75, 5043.25, 5040.25, 5036.5, 5031.5, 5025, 5021.50, 5018.25, 5014.75, 5011.25, 5005.75, and 4997.75.75
Crude Oil –WTI
West Texas Intermediate remains range bound and is moving from support levels to resistance once more
Buying pressure will likely strengthen with a positive retest of 53.49. Selling pressure will strengthen with a failed retest of 51.78. Price resistance sits near 53.2 to 53.49, with 53.8 and 54.18 above that. Price support holds between 52.05 and 51.78, with 51.76 and 51.64 below that.
Upside trades – Two options
- Positive retestof continuation level -52.84-congestion makes the breakout troublesome
- Positive retestof support level– 52.27
- Opening target ranges –52.45, 52.61, 52.84, 53.2, 53.46, 53.86, 54.16, 54.28, 54.51, 54.76, 55.06, and 55.24
Downside trades- Two options
- Failed retestof resistance level -52.7
- Failed retestof support level– 52.08
- Open target ranges –52.56, 52.38, 52.18, 51.78, 51.52, 51.24, 51.04, 50.82, 50.47, 50.3, and 50.16
If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.
Visit TheTradingBook for more information.
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.
