S&P 500 Futures Trading Outlook For November 11

S&P 500 Futures Outlook for November 11, 2016

Stock market Futures are gyrating as traders throw their money behind belief systems. I expect the S&P 500 (INDEXSP:.INX) to be volatile for a bit as we settle out under the new leadership. On the whole, and as a technician, no danger signals are presenting themselves at this time. To find those, we’ll need to look at key levels of price support to be broken. The line in the sand intraday will be 2162.50 on S&P 500 futures – above there and buyers will move to press forward. Below 2149, sellers will be in greater command of the motion. Between those levels, we should have sideways action. Price resistance holds in the regions near 2162.50 to 2182.50. Notice the region of low volume near the red octagon on the image – it is very likely we retest this area to fill it in.

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

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading Chart – November 11

Upside trades for S&P 500 Futures – Two options for entry

Positive retest of continuation level – 2162.50

Positive retest of support level – 2147.50

Opening targets ranges:  2155.50, 2160.50, 2165, 2167.50, 2170.50, and 2174.50

Downside trades for S&P 500 Futures – Two options for entry

Failed retest of resistance level – 2162.50

Failed retest of support level – 2151.50

Opening targets ranges:  2160.50, 2157.75, 2155, 2151.50, 2147.75, 2144.50, and 2140.75

Nasdaq Futures

The NQ_F saw a sharp reversal and continues to show negative drift –and holds a fair bit of negative momentum. Today’s line in the sand sits near 4678 as demarcation between buying and selling power. Failure at this level will make us vulnerable to tests of 4660, and 4620. Resistance levels have been shifted up into 4779.75 to 4764.5

Upside trades for Nasdaq Futures – Two options

Positive retest of continuation level – 4754.50

Positive retest of support level – 4695.50

Opening targets ranges for non-members:  4706.50, 4718.50, 4730.50, 4742.75, 4751.75, 4750.50, 4762.25, and 4770.25

Downside trades for Nasdaq Futures – Two options

Failed retest of resistance level – 4742.50

Failed retest of support level – 4696.50 (notice bounce potential at 4686.5)

Opening targets ranges for non-members:  4738.25, 4725.50, 4719.50, 4710.25, 4686.5, 4680.75, 4670.75, and 4665.75

WTI Crude Oil Futures

Oil price is heavy under the weight of news, and has broken through another key support level near 44.3. We tested support lows below 43.4 several days ago and it is likely that we are on our way back there, if we do not quickly recapture 44.15 and hold there. Resistance remains near 45.3 but it is important to note that momentum seems very bullish underneath.

Upside trades for Crude Oil – Two options

Positive retest of continuation level – 44.63

Positive retest of support level – 43.87

Opening targets ranges for non-members:  44.12, 44.54, 44.87, 45.06, and 45.32

Downside trades for Crude Oil – Two options

Failed retest of resistance level – 44.35

Failed retest of support level – 43.78

Opening targets ranges for non-members:  44.12, 43.87, 43.44, and 43.08

If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.

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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.