S&P 500 Futures Trading Outlook: Jobs, Jobs, Jobs

Broad Stock Market Futures Outlook for June 1, 2018

Traders began the US market hours inside of the trading ranges of prior days but the jobs report looms over today’s trading.

Crosscurrents are presents but we still hold bullish formations in general. Pullbacks remain buying areas so be patient if choosing your trading directions.

S&P 500 Futures

A stall at congestion below 2720 is keeping buyers from a breakout at this time. A breach of 2722.5 should push us out of the range but limited energy suggests that any big breaks in either direction will retrace. This means that we take profit at targets when we see them.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 2722.50
• Selling pressure intraday will likely strengthen with a bearish retest of 2711.5
• Resistance sits near 2719.75 to 2727.75, with 2731.75 and 2736.75 above that
• Support sits between 2709.75 and 2707.5, with 2704.5 and 2700.50

NASDAQ Futures

Stronger rebound continues to show in this chart for the third day with our new support level near 6991.  Momentum is mixed here with resistance showing near 7008.  Formations are generally bullish are divergent.  This means the highs we currently see near 7008 should fade into higher lows.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 7000.75
• Selling pressure intraday will likely strengthen with a bearish retest of 6991.5
• Resistance sits near 7008 to 7013.25 with 7023.25 and 7031.5 above that.
• Support sits between 6986.5 and 6978.25, with 6967.75 and 6951.5 below that.

WTI Crude Oil

Sellers continue to add downward pressure to this chart.  We are revisiting the baseline support levels near 66.4 after a build in the EIA and more talks of production output ahead. Yesterday, I mentioned deep fades – and we are now at our original basing levels.  It’s ‘do or die’ for buyers here near these regions, so expect a fight.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 67.06
• Selling pressure intraday will strengthen with a bearish retest of 66.3
• Resistance sits near 67.27 to 67.54, with 67.75 and 68.34 above that.
• Support holds near 66.34 to 66.14, with 65.89 and 65.56 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.