S&P 500 Futures Trading Outlook For November 20

Stock Market Futures Trading Considerations For November 20, 2017

The S&P 500 (INDEXSP:.INX) is trading slightly higher on Monday morning as bulls are hoping that holiday seasonality brings another market rally. Check out my futures trading commentary and key price levels below.

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

S&P 500 Futures

Charts bounced off support and moved into congestion near 2590.  Today, we are looking at a bounce off higher lows and if we hold above 2580, the buyers will recapture the edge. There is a wide range of choppy action.  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 2568.5
• Resistance sits near 2578.75 to 2584.25, with 2591.75 and 2597.5 above that.
• Support holds between 2572.5 and 2568, with 2564.25 and 2561.5 below that.

NASDAQ Futures

Higher highs Thursday did not hold but we are seeing higher lows so far.  The key will be whether we can hold above 6324 where buyers could grasp a firmer hold of price action.   Sellers will have more control below 6291.  The chart is caught in an area of congestion.  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 6324
• Selling pressure intraday will likely strengthen with a failed retest of 6291
• Resistance sits near 6322.75 to 6335.75 with 6342.5 and 6354.75 above that.
• Support holds between 6302.5 and 6291.75, with 6281.75 and 6272.75 below that.

WTI Crude Oil

Oil holds a lower high this morning along with higher lows. Key resistance sits near 56.94 as momentum continues to slow and is generally neutral and mixed. 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 56.94
• Selling pressure intraday will strengthen with a failed retest of 55.9
• Resistance sits near 56.68 to 56.3, with 56.85 and 57.35 above that.
• Support holds between 56.3 to 56.04, with 55.84 and 55.47 below that.

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.