S&P 500 Futures Trading Outlook For June 8, 2017

S&P 500 Futures Trading Considerations For June 8, 2017

This morning becomes a potential staging point for a further breach into breakout spaces.  To see where the S&P 500 (INDEXSP:.INX) may be headed next, read on…

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

S&P 500 Futures (ES)

Sellers still manage supply up near the highs.  The key will be whether the chart can breach and hold 2435.5 – something it is trying to do right now.  Long trades at any pullbacks are still the best bet.  Value areas near 2426 still hold. Use caution trading short on the lows of the candles -instead, look for topping formations to take resistance short into support.   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 2435.5
• Selling pressure intraday will likely strengthen with a failed retest of 2425
• Resistance sits near 2435.5 to 2439.75, with 2441.5 and 2447.75 above that.
• Support holds between 2424.75 and 2421.5, with 2418.25 and 2413.75 below that.

NASDAQ Futures (NQ)

This chart remains bullish, testing a new high earlier this morning, but sellers still manage supply up here for now.  Pullbacks will create buying opportunities.  Buyers now hold 5855 as support after a retracement close to the 5844 level I have been mentioning. 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 5893.5
• Selling pressure intraday will likely strengthen with a failed retest of 5858
• Resistance sits near 5893.5 to 5895.75, with 5906.75 and 5916.75 above that.
• Support holds between 5858.25 and 5851.75, with 5848.5 and 5831.25 below that.

WTI Crude Oil

After the loss of 47, the chart struggled to lift at 46, but could not. The EIA release yesterday was bearish news for traders with builds across the board.  Bounces continue to be regions to sell. 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 46.25
• Selling pressure intraday will strengthen with a failed retest of 45.26
• Resistance sits near 46.4 to 46.78, with 47.05 and 47.4 above that.
• Support holds between 45.54 and 45.33, with 45.12 and 44.86 below that.

Our live trading room 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.