S&P 500 Futures Trading Outlook For June 27, 2017

Stock Market Trading Considerations For June 27, 2017

Stocks are trading mixed heading into Tuesday’s session. After opening higher yesterday, the S&P 500 (INDEXSP:.INX) reversed lower. It will need to find support today before it can bounce.

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)

An exhaustion move into resistance came yesterday morning with a close of the day beneath an important congestion zone – 2437.  Though we broke the lows of yesterday, we still sit above Friday’s lows, leaving us still in a contested region.  Breaching 2442 will give buyers a boost but momentum is muted.  Support intraday remains near 2429.  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 2442
• Selling pressure intraday will likely strengthen with a failed retest of 2428
• Resistance sits near 2442 to 2445.5, with 2448.5 and 2451.5 above that.
• Support holds between 2428 and 2424.25, with 2419.5 and 2413.5 below that.

NASDAQ Futures (NQ)

After a sharp bounce higher yesterday morning, the NQ faded, and this morning sits well below Thursday’s low and near 5745 – a key level of support.  Momentum holds bearish in intraday formations. We see new resistance at 5817, and then again at 5828.25.  Buyers are battling to hold lower support.  As I mentioned yesterday, pullbacks were shallow until the chart gets to clean resistance near that 5854.5 – and after that, the fade was deep and sharp. This is a key event that should emphasize the importance of watching behavior to determine future motion at these levels identified. 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 5784
• Selling pressure intraday will likely strengthen with a failed retest of 5745
• Resistance sits near 5794.75 to 5806.5, with 5817 and 5828.25 above that.
• Support holds between 5738.5 and 5725.75, with 5709.75 and 5698.5 below that.

WTI Crude Oil

Resistance moves higher once again in the bounce beginning – 44.2 to 44.65 – a potential short covering rally looms as traders are weighted very negatively.  Below 42.94, sellers will attempt to press charts lower.  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 44.07
• Selling pressure intraday will strengthen with a failed retest of 43.3
• Resistance sits near 44.04 to 44.33, with 44.61 and 45.49 above that.
• Support holds between 43.3 to 42.93, with 42.58 and 42.3 below that.

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.