S&P 500 Futures Trading Outlook For March 10

S&P 500 Futures Trading Considerations Mar 10, 2017

The S&P 500 (INDEXSP:.INX) bounced off a weekly support level yesterday and thus far we are holding higher through the jobs report.

Buying pressure will likely strengthen above a positive retest of 2375, while selling pressure will likely strengthen with a failed retest of 2356.5.

Price resistance sits near 2375.5 to 2380.75, with 2389.5 and 2403.75 above that. Price support holds between 2360 and 2357.25, with 2355.5 and 2349.25 below that

See today’s economic calendar with a rundown of releases.

TRADING SETUPS

E-mini S&P Futures

Upside trades – Two options for entry

• Positive retest of continuation level -2375.5
• Positive retest of support level– 2362.25
• Opening targets ranges – 2366.5, 2372.5, 2375.75, 2380.5, 2382.75, 2385.75, 2389.5,  2393.5, 2397.75, 2400.5, 2404, 2411.75

Downside trades – Two options for entry

• Failed retest of resistance level -2368.5
• Failed retest of support level– 2358.5
• Opening target ranges –  2364.75, 2362.5, 2358.75, 2355.25, 2351.5, 2346.25, 2343.25, 2337.5, 2334, 2329.25

NASDAQ Futures

The NQ_F broke out of its range into a higher range of congestion. With muted momentum showing on longer time frames into the jobs number, we are likely to retrace our spikes in either direction so be careful with continuation trades.

• Buying pressure will likely strengthen with a positive retest of 5393.25
• Selling pressure will likely strengthen with a failed retest of 5331.25
• Resistance sits near 5392.75 to 5397.5, with 5400.5 and 5411.5 above that
• Support holds between 5339.25 and 5324.25, with 5319.5 and 5311.75 below that

Upside trades – Two options

• Positive retest of continuation level -5393.25
• Positive retest of support level– 5348.5
• Opening target ranges – 5354.25, 5357.5, 5361.25, 5365.5, 5370.5, 5374.75, 5380.25, 5383.75, 5388.25, 5392.25, 5398, 5404, 5410.5, 5423.25

Downside trades- Two options

• Failed retest of resistance level -5380.5
• Failed retest of support level– 5360.25
• Opening target ranges – 5377.5, 5372.25, 5366.25, 5360.25, 5357.25, 5353.5, 5348.5, 5344, 5337.75, 5333.25, 5327.75, 5324.75,  5319.75, 5312.75, 5306.5, 5297.75, 5294.25, 5291.25, 5286.75, 5277.75

Crude Oil –WTI

Oil charts are trying to hold 49 as support.  We still sit in a region that is vulnerable to sellers and will be until we breach and hold 50.76.  It may be that there are still buyers trapped in longs who may be waiting for another test of 50 to liquidate.  Piling into short trades seems like a bad idea, though, so consider waiting for a failed bounce to continue.

• Buying pressure will likely strengthen with a positive retest of 50.2
• Selling pressure will strengthen with a failed retest of 48.6
• Resistance sits near 50.22 to 50.84, with 51.3 and 51.8 above that.
• Support holds between 49.04 and 48.6, with 47.84 and 46.98 below that.

Upside trades – Two options

• Positive retest of continuation level -49.84
• Positive retest of support level – 49.34
• Opening target ranges – 49.51, 49.8, 50.12, 50.46, 50.84, 51.27, 51.7, 52.14, 52.6

Downside trades- Two options

• Failed retest of resistance level – 50.06
• Failed retest of support level – 49.24
• Opening target ranges – 49.76, 49.54, 49.34, 49.08, 48.88, 48.6, 48.4, 47.92, 47.42, 46.98, 45.94

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.

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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.