S&P 500 Futures Trading Outlook For November 22

Stock Market Outlook for November 22, 2016 –

The S&P 500 (INDEXSP:.INX) is setting up for a slow holiday grind this week. Price targets on S&P 500 futures begin at 2203.50 and extend all the way up to 2220.5. The line in the sand for buying price support intraday will be 2194 – as long as we hold above there, buyers will command more power. Below that, 2190-2185.75 sits as secondary support. Price resistance is now between 2203.5 and 2212.5 intraday. I’m getting ready for a grinding upside day with light volume.

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

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading Chart – November 22

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

Positive retest of continuation level – 2200.50

Positive retest of support level – 2188.25

Opening targets ranges:  2192.25, 2194.50, 2196.5, 2200.25, 2203, and 2208.75

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

Failed retest of resistance level – 2200.25

Failed retest of support level – 2196.25

Opening targets ranges:  2199, 2196.25, 2193.5, 2188.25, 2184.75, and 2179.5

Nasdaq Futures

The NQ_F broke higher and is holding a bullish break that is holding. But unlike the ES_F, this one has not gone to new highs. We see some general drifting in the early morning, so I expect the same kind of grind up as the ES_F. Support levels to watch will likely be near 4854-4857. Momentum is still slightly bullish. Resistance has moved up to 4880 to 4896.

Upside trades on Nasdaq futures – Two options

Positive retest of continuation level – 4880

Positive retest of support level – 4862.5

Opening targets ranges:  4864.50, 4869.5, 4872.25, 4878.75, 4880, and 4884.50

Downside trades on Nasdaq futures – Two options

Failed retest of resistance level – 4878.75

Failed retest of support level – 4870.50

Opening targets ranges:  4874.75, 4872.25, 4868.50, 4866.50, and 4846.75.

WTI Crude Oil

Oil has been moving on hopes of an OPEC deal for several days, and crested to 49.2 in the early morning before the retrace into 48. Intraday support could be as low as 47.2, while resistance could rest between 49.2 and 50.1, but I suspect that we have put in the high for the day.

Upside trades on Crude Oil – Two options

Positive retest of continuation level – 48.7

Positive retest of support level – 47.86

Opening targets ranges:  48.24, 48.44, 48.68, 48.94, 49.14, and 49.42

Downside trades on Crude Oil – Two options

Failed retest of resistance level – 48.42

Failed retest of support level – 47.88

Opening targets ranges:  48.24, 47.94, 47.65, 47.40, 47.11, and 46.92

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.