S&P 500 Futures Trading Outlook For July 13

Stock Market Futures Trading Considerations For July 13, 2017

The S&P 500 (INDEXSP:.INX) is trading higher again on Thursday morning. This comes on the heels of a big day Wednesday. Key futures trading levels for the S&P 500, Nasdaq, and crude oil are below.

Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service and shared exclusively with See It Market readers.

S&P 500 Futures (ES)

A breach into the higher highs intraday finds sellers near 2447 and new higher support near 2439.  Momentum still suggests that pullbacks will find buyers.  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 2445.5 (careful again here with resistance)
• Selling pressure intraday will likely strengthen with a failed retest of 2439
• Resistance sits near 2445.5 to 2448.5, with 2451.5 and 2454.5 above that.
• Support holds between 2439.5 and 2435.25, with 2431.25 and 2429.5 below that.

NASDAQ Futures (NQ)

For the third day, NQ_F moved forward and tested close to our upper target to 5817 in the early morning but before getting there we found sellers that are likely setting up a test of 5794.25 then 5783.25. 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 5806.5
• Selling pressure intraday will likely strengthen with a failed retest of 5780.5
• Resistance sits near 5806.5 to 5816.75, with 5828.75 and 5839.5 above that.
• Support holds between 5783.25 and 5765.5, with 5748.5 and 5714.5 below that.

WTI Crude Oil

Oil rose at the EIA report and then faded dramatically.  That fade has continued into the morning. Momentum has drifted lower but we are likely to find support near 44 as the chart seems congested and should find buyers at the first pass. 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 46.14 (careful -resistance ahead)
• Selling pressure intraday will strengthen with a failed retest of 44.87
• Resistance sits near 46.14 to 46.45, with 46.64 and 47.09 above that
• Support holds between 44.94 to 44.65, with 44.35 and 43.84 below that.

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.