S&P 500 Futures Trading Outlook For March 6

Stock market considerations for March 6, 2017

Stronger support regions on S&P 500 futures loom near 2361-2364, but traders have bounced us near 2368.75 in the early morning. Lower highs seem to be on the horizon. Looking further out, we have jobs numbers are due at the end of the week that could be a catalyst for the S&P 500 (INDEXSP:.INX).

Buying pressure on S&P 500 futures will likely strengthen above a positive retest of 2394.5, while selling pressure will strengthen with a failed retest of 2368.5.

Price resistance sits near 2388 to 2396.75, with 2400.5 and 2403.25 above that. Price support holds between 2372.75 and 2368.75, with 2365.5 and 2361 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 -2381
• Positive retest of support level– 2373.25
• Opening targets ranges – 2376.5, 2379.5, 2382.25, 2385.5, 2389.75,  2393.5, 2397.75, 2400.5, 2404, 2411.75

Downside trades – Two options for entry

• Failed retest of resistance level -2379.5
• Failed retest of support level– 2371.5
• Opening target ranges – 2376, 2372.25, 2368.75, 2365, 2361.5, 2358.75, 2354.5, 2351.5, 2346.25, 2343.25, 2337.5, 2334, 2329.25

NASDAQ Futures

The NQ_F  continued its fade after a lower high into baseline support near 5344.25.  Friday’s high will be the level to breach for buyers, else it is likely that sellers hold the line here.

• Buying pressure will likely strengthen with a positive retest of 5374.75
• Selling pressure will strengthen with a failed retest of 5344.25
• Resistance sits near 5382.75 to 5392.75, with 5400.5 and 5422.25 above that
• Support holds between 5344.25 and 5331.25, with 5327.5 and 5319.25 below that

Upside trades – Two options

• Positive retest of continuation level -5374.5
• Positive retest of support level– 5356.25
• Opening target ranges –  5361.25, 5364.5, 5370.75, 5374.75, 5382.75, 5388.25, 5398, 5404, 5411.5, 5422.25

Downside trades- Two options

• Failed retest of resistance level -5369.25
• Failed retest of support level– 5356.75
• Opening target ranges –  5364.75, 5361.25, 5358.5, 5351.25, 5348.25, 5344.75, 5336.25, 5332, 5327.75, 5323.75, 5320.75, 5318.75, 5311.75, 5306.5, 5297.75, 5294.25, 5291.25, 5286.75, 5277.75

Crude Oil –WTI

Oil charts are still showing rangebound behavior.  We bounced of 52.5 and a resistance level near 53.44 shows ahead.  Fund traders are still net long but not nearly as strongly as they were several weeks ago. We’ll need a catalyst to move out of this range.

• Buying pressure will likely strengthen with a positive retest of 53.48
• Selling pressure will strengthen with a failed retest of 52.5
• Resistance sits near 53.8 to 54.27, with 54.56 and 55.05 above that.
• Support holds between 52.5 and 52.2, with 51.64 and 51.4 below that.

Upside trades – Two options

• Positive retest of continuation level – 53.5
• Positive retest of support level– 52.8
• Opening target ranges – 53.05, 53.19, 53.32, 53.46, 53.76, 54.05, 54.25, 54.4, 54.54, 53.68, 53.88, 54.05, 54.19, 54.54, 54.85, 55.04, 55.12, 55.48, 55.68, 55.88, 56.04

Downside trades- Two options

• Failed retest of resistance level – 53.4
• Failed retest of support level– 52.9
• Opening target ranges – 53.08, 52.9, 52.78, 52.55, 52.4, 52.14, 52.01, 51.91, 51.72, 51.52, 51.22, 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.

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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.