Stock Market Futures Outlook for November 25, 2016 –
After the Thanksgiving holiday, the S&P 500 Index (INDEXSP:.INX) should continue to see upward pressure from buyers continuing with a slow and steady pace. Range of motion on S&P 500 futures will continue to be tight as I see it. However, a breach and hold of the new area near 2207.25 (that presented as price resistance this morning) should be retested as we have the room to potentially test 2212.5 if the buyers tip the balance. The lines in the sand for buying support intraday will be 2197 – a test of that region will bring buyers to the table. Failure to hold there will be a tipping point back into 2194-2191. Price resistance is between 2207.5 and 2212.5 intraday.
Here’s the economic calendar for a rundown of today’s releases
See today’s economic calendar with a rundown of releases.
TODAY’S RANGE OF MOTION
S&P 500 Futures Trading Chart – November 25
Upside trades for S&P 500 futures – Two options for entry
Positive retest of continuation level – 2206.50
Positive retest of support level – 2197
Opening targets ranges -2200.25, 2203.5, 2206.75, 2209.75 and 2212.75
Downside trades for S&P 500 futures – Two options for entry
Failed retest of resistance level – 2203.25
Failed retest of support level – 2197.25 (watch 2194.50 for potential buying support)
Opening targets ranges – 2200.50, 2199, 2197.25, 2194.50, 2191.25, 2187.50, 2184.75, and 2179.50
Nasdaq Futures
The NQ_F holds the same upward grinding drift. Support levels to watch today will be near 4840-4850. Price resistance has moved up to 4870.5 to 4880. Watch these edges. If they break, we will be watching for a swift rejection, or we will certainly have expansion. The NQ_F is in a state of under performance- likely in a reversion trade, but important to note.
Upside trades for Nasdaq futures – Two options
Positive retest of continuation level – 4870.25
Positive retest of support level – 4850.5
Opening targets ranges – 4857.5, 4864.50, 4868.5, 4871.75, 4878.75, 4880, 4884.50, 4890.50, and 4894 to 4899 if we expand
Downside trades for Nasdaq futures – Two options
Failed retest of resistance level – 4864.75
Failed retest of support level – 4850
Opening targets ranges – 4857.50 4846.75, 4840.75, and 4837.50
Crude Oil
The WTI contract is giving back much of its gains over the last two days, visiting important support near 47.2 before bouncing. If we don’t recapture 47.74 in the bounce that is currently afoot, the target sits below at 46.77. Resistance rests between 47.74 and 48.3.
Upside trades for Crude Oil – Two options
Positive retest of continuation level – 47.74
Positive retest of support level – 47.3
Opening targets ranges – 47.53, 47.70, 48.02, 48.3, 48.54, 48.74, 48.94, 49.14, and 49.42 if buyers press forward
Downside trades for Crude Oil – Two options
Failed retest of resistance level – 47.70
Failed retest of support level – 47.2
Opening targets ranges – 47.46, 47.21, 46.92, and 46.77
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:Â Â @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.
