S&P 500 Futures Trading Outlook For November 18

Stock Market Futures Outlook for November 18, 2016 –

The S&P 500 (INDEXSP:.INX) is attempting another breakout after holding higher support levels (2173 on S&P 500 futures). If the bounce in progress surprises sellers, we could squeeze upward into 2194-2199. My suspicion still is that higher highs will not hold, even if we even make them today. The line in the sand for stocks today will be support near 2173. As long as S&P 500 futures can hold above that level, buyers will command more power. Below that, 2171-2166.5 sits as secondary support. Price resistance is now between 2187.5 and 2194.5, but if buyers can spend enough time carving out new support at 2176, the higher price targets near 2199 could come into view and present new targets for stock market futures November 18.

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

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading Chart – November 18

Upside trades for S&P 500 futures – Two options for entry

Positive retest of continuation level – 2181.50

Positive retest of support level – 2176

Opening targets ranges:  2179.50, 2182.25, 2185.75, 2190.25, and 2194.50

Downside trades for S&P 500 futures – Two options for entry

Failed retest of resistance level – 2178

Failed retest of support level – 2173

Opening targets ranges – 2174.75, 2171.75, 2164.50, 2161.50, and 2156.25

Nasdaq Futures

The NQ_F broke higher and is holding a bullish break. As we hold above 4830, the chart is much inclined to head higher into 4845 to 4860. The levels near 4816-4825 are likely to hold as frontline support today. Momentum is still relatively neutral, but slightly bullish. Resistance has moved up to 4854 to 4860.25

Upside trades for Nasdaq futures – Two options

Positive retest of continuation level – 4837.50

Positive retest of support level – 4826.25

Opening targets ranges:  4830.50, 4834.5, 4840.1.25, 4846.75, 4860.25, and 4864.50

Downside trades for Nasdaq futures – Two options

Failed retest of resistance level – 4850.75

Failed retest of support level – 4824

Opening targets ranges:  4846.75, 4841.25, 4835.50, 4830.75, 4817.75, 4809.25, 4794.75, and 4786.50.

WTI Crude Oil

Oil moved to higher support below near 45.40 early this morning and is back up at yesterday’s resistance of 46.35. Deep support is still providing good bounce levels, but I see a day that seems to be sideways unfolding.  Resistance is now 46.89 to 47.38 for today. Holding above 46.89 will be quite bullish on the day. Below 45.4, we will see the sellers assume control.

Upside trades for Crude Oil – Two options

Positive retest of continuation level – 46.6

Positive retest of support level – 45.74

Opening targets ranges:  45.97, 46.12, 46.3, 46.55, 46.8, 47.04, and 47.38

Downside trades for Crude Oil – Two options

Failed retest of resistance level – 46.3

Failed retest of support level – 45.67

Opening targets ranges:  46.03, 45.74, 45.57, and 45.26

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.