S&P 500 Futures Trading Outlook For July 18

Stock Market Futures Considerations For July 18, 2017

Traders need to be alert and ready at key trading levels following a day of consolidation for the S&P 500 (INDEXSP:.INX). Lower supports may come into play today. See all trading insights below.

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)

We sit in a six point range from yesterday. Traders are in digestion mode. Range based trading will be the order of the day until the levee breaks. Perhaps rumblings from Capitol Hill will do it, perhaps something else. This is a space of caution. 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 2460 (careful again here with resistance)
• Selling pressure intraday will likely strengthen with a failed retest of 2454
• Resistance sits near 2460 to 2462.5, with 2464.75 and 2470.5 above that.
• Support holds between 2454 and 2451.75, with 2446.25 and 2441.5 below that.

NASDAQ Futures (NQ)

Nasdaq futures here have stalled for another day.  Resistance breaks are unlikely to hold but above 5862, traders could press us above 5868 and continue above into 5874 and 5896.75.  Buyers hold the power so pullbacks are still buying zones, though they may be deeper. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intraday will likely strengthen with a positive retest of 5862.5
• Selling pressure intraday will likely strengthen with a failed retest of 5843
• Resistance sits near 5862 to 5874.75, with 5896.75 and 5932.5 above that.
• Support holds between 5840.75 and 5825.5, with 5796.5 and 5759.5 below that.

WTI Crude Oil

Buyers have pressed us into the edge of resistance near 47.2.  Buyers are trying to win above positive retests of 46.9 – and they are trying to do that now. Sellers win below failed tests of 45.95.  Momentum is still flat to slightly upward, suggesting that buyers will find support on the pullbacks. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intraday will likely strengthen with a positive retest of 46.95(careful -resistance ahead)
• Selling pressure intraday will strengthen with a failed retest of 45.95
• Resistance sits near 46.9 to 47.23, with 47.88 and 48.23 above that.
• Support holds between 46.36 to 45.95, with 45.66 and 45.25 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.