S&P 500 Futures Trading Outlook For November 17

Stock Market Futures Considerations For November 17, 2017

The S&P 500 (INDEXSP:.INX) is trading mixed on Friday morning as bulls and bears try to wrestle control of the tape. Bulls bought the dip again on Thursday, but can they push the market to new highs? Or will stocks pull back once more? Check out my futures trading commentary below.

Note that you can access today’s economic calendar with a full rundown of releases.

S&P 500 Futures

Charts dip to the edge of deep support yesterday before buyers held lower support noted near 2555.25.  As in the prior days this week, buying opportunities delivered at the tests of deeper support for long entries and bounces will still deliver opportunities for shorting action to hold into this deeper support.  As I mentioned on Wednesday, patience was key here as our dips were indeed lower and bounces were higher than days prior.  We hold above 2580 giving buyers the edge. 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 2584.25
• Selling pressure intraday will likely strengthen with a failed retest of 2578.5
• Resistance sits near 2584.25 to 2590.25, with 2594.75 and 2599.5 above that.
• Support holds between 2579.5 and 2575.75, with 2571.25 and 2564 below that.

NASDAQ Futures

Traders are still hold more optimistic in this index than in the others and the deep test into 6230 brought buyers in full swing here.  HIGHER HIGHS yesterday still brought sellers.  Buyers will have more control above the region near 6335.25 as this represents a breakout region.  Sellers will have more control below 6305.  Resistance was broken with new highs possible near 6367.75.  Charts are recovering.  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 6352
• Selling pressure intraday will likely strengthen with a failed retest of 6332.5
• Resistance sits near 6348.75 to 6367.75 with 6316.5 and 6325.75 above that.
• Support holds between 6327.5 and 6316.75, with 6281.5 and 6272.5 below that.

WTI Crude Oil

Oil bounced sharply after holding 55, which we expected because the selloff was associated with the trimming of positions, and not the accumulation of short positions.  Key resistance sits near 56.4 as momentum slows and is generally neutral. 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 56.4
• Selling pressure intraday will strengthen with a failed retest of 55.8
• Resistance sits near 56.28 to 56.4, with 56.85 and 57.35 above that.
• Support holds between 55.8 to 55.39, with 54.82 and 54.39 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.

note: this article was edited at 8:25 am CT to correct typos regarding day of week.