S&P 500 Futures Trading Outlook For July 16, 2018

Broad Stock Market Futures Trading Outlook for July 16

Looking out over intermediate “trading” time frames, our indicators on the S&P 500 (INDEXCBOE:.INX) are neutral to bullish as buyers continue to hold higher lows.

I remain cautiously long. I’m currently watching how we consolidate here at higher ground. Pullbacks are worth buying with an eye (and stops) on lower support. Higher lows will likely continue if/when we break above current resistance.

S&P 500 Futures

Tests of resistance and higher lows hold across the board on larger time frames for yet another day as we work to establish trend.

Higher lows tested and held yesterday once again.  Deep dips will continue to be buying zones. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 2807.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2792.75
• Resistance sits near 2804.75 to 2809.5, with 2813.75 and 2824.75 above that
• Support sits between 2790.25 and 2787.5, with 2784.75 and 2778.75

NASDAQ Futures

New highs on Friday as earnings season begins in full swing.  Pullbacks remain buying spaces for traders into the earnings but we are building what looks like a topping formation from an intraday perspective.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 7414.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7384.5
• Resistance sits near 7398.5 to 7412.5 with 7422.5 and 7457.25 above that
• Support sits between 7387.5 and 7354.5, with 7327.5 and 7277.75 below that.

WTI Crude Oil

Traders continue to sell off the WTI in profit-taking moves.  As mentioned Friday, losing 70 meant the grind into 69 was possible and here we are at the 69.5 space.  Buyers are likely to try a shot at buying near 69.2 but could easily lose their hold and a move to 67.9 would be next.   The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 70.58
• Selling pressure intraday will strengthen with a bearish retest of 69.2
• Resistance sits near 70.76 to 71.14, with 71.78 and 72.25 above that
• Support holds near 69.34 to 69.09, with 68.64 and 67.78 below that

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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.