S&P 500 Futures Trading Outlook For November 15

Stock Market Outlook – Futures Trading November 15, 2016

The S&P 500 (INDEXSP:.INX) is consolidating. A wedge is quietly building on short time frames on the S&P 500 futures chart. Market momentum is slipping into a neutral formation. I suspect we chop around the range as the White House continues the transfer of power, and we move towards the FOMC release in December. With price support levels near 2138 and resistance near 2187.75 on the weekly formations, we can look at tighter levels intraday. The line in the sand for buyers intraday will be 2155.50 – above there and buyers will command more power. Below that, 2148 holds as secondary support. Price resistance has drifted lower into 2170, and then above at 2175.

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

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading November 15

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

Positive retest of continuation level – 2170

Positive retest of support level – 2156.5

Opening targets:  2160.50, 2165, 2166.75, 2170.50, and 2174.50

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

Failed retest of resistance level – 2167.50

Failed retest of support level – 2155

Opening targets:  2162.50, 2157.75, 2151.50, 2144.50, and 2138.50

Nasdaq Futures

The NQ_F lost what I suspect is an important level it will try to recapture near 4725-4730, else there will be more downside action. Momentum is neutral to negative. The support levels yesterday near 4705 were broken several times, and we are currently dancing beneath there at this writing. , Price action is range bound between 4670 as deeper support and 4784.5 as resistance.

Upside trades on Nasdaq Futures – Two options

Positive retest of continuation level – 4730.50

Positive retest of support level – 4715.50

Opening targets:  4721.50, 4730.50, 4751.75, 4762.25, 4774, 4779.5, 4784, and 4798.5

Downside trades on Nasdaq Futures – Two options

Failed retest of resistance level – 4691

Failed retest of support level – 4714

Opening targets – 4706.75, 4701.25, 4692.25, 4688.5, 4681.75, 4677.5, and 4673

Crude Oil

Oil is in a might bounce off a critical support level near 42.   The API report is to be released after the close of the day. Support targets now look like 41.85, with 42.2 above that, while resistance levels remain near 45.38. Momentum has drifted lower.

Upside trades for Crude Oil – Two options

Positive retest of continuation level – 44.9

Positive retest of support level – 43.76

Opening targets:  44.11, 44.48, 44.87, 45.06, and 45.32

Downside trades for Crude Oil – Two options

Failed retest of resistance level – 43.41

Failed retest of support level – 44.75

Opening targets:  44.38, 44.11, 43.76, 43.4, 43.11, 42.78, 42.45, 42.2, and 41.86

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.