S&P 500 Outlook for November 23, 2016 –
The holiday grind continues with most of the traders participating looking for key stock market support levels to hold. Selling pressure remains constant just above 2200 on the S&P 500().  That said, buyers continue to push support levels higher. The range of motion will continue to be tight as I see it, but a breach and hold of 2203 on S&P 500 futures will likely send us into 2206.75 and potentially 2212.5 (if the buyers tip the balance). The lines in the sand for buying support intraday will be 2191 – 2194. As long as we hold above there, buyers will command more power. Below that, 2187.50-2185.75 sits as secondary support. Resistance is still between 2203.5 and 2212.5 intraday. I’m preparing for another grinding upside day with light volume.
See today’s economic calendar with a rundown of releases.
TODAY’S RANGE OF MOTION
S&P 500 Futures Trading Chart – November 23
Upside trades on S&P 500 futures – Two options for entry
Positive retest of continuation level – 2201.50
Positive retest of support level – 2194.25
Opening targets ranges: 2197.5, 2200.25, 2203.5, 2206.75, and 2208.75
Downside trades on S&P 500 futures – Two options for entry
Failed retest of resistance level – 2200.25
Failed retest of support level – 2194.25 (watch 2191.50 for potential buying support)
Opening targets ranges: 2199, 2196.25, 2194.50, 2191.25, 2187.50, 2184.75, and 2179.50
Nasdaq Futures
The NQ_F looks likely to underperform the ES_F today as it has lost what I consider a key level of support near 4874. Support levels to watch below there will be near 4854-4857. Resistance has moved up to 4885.5 to 4899. Watch these edges. If they break, we will be watching for a swift rejection, or we will certainly have expansion. Setups are quite similar to yesterday.
Upside trades on Nasdaq futures – Two options
Positive retest of continuation level – 4880
Positive retest of support level – 4862.5
Opening targets ranges: 4864.50, 4868.5, 4871.75, 4878.75, 4880, 4884.50, 4890.50, and 4894 to 4899 if we expand
Downside trades on Nasdaq futures – Two options
Failed retest of resistance level – 4887.75
Failed retest of support level – 4865.75
Opening targets ranges: Â 4874.75, 4872.25, 4868.50, 4866.50, 4846.75, and 4841
WTI Crude Oil
The API report showed a draw in barrels, and a build in gasoline reserves – likely a move on the refiners part to make sure supplies are ample for travel. Oil had been moving up on hopes of an OPEC deal for several days, and crested to 49.2 yesterday but failed to hold these levels. Intraday support of 47.2 broke for a quick moment yesterday, but recovered – we will look at that level today as well for support. The line in the sand for the shift of balance today looks to be near 47.70. Resistance rests between 48.7 and 49.27.
Upside trades on Crude Oil futures – Two options
Positive retest of continuation level – 48.4 (48.70 holds as resistance)
Positive retest of support level – 47.36
Opening targets ranges: 47.70, 48.02, 48.3, 48.54, 48.74, 48.94, 49.14, and 49.42 if buyers press forward
Downside trades on Crude Oil futures – Two options
Failed retest of resistance level – 48.3
Failed retest of support level – 47.82
Opening targets ranges: 48.08, 47.88, 47.65, 47.40, 47.11, and 46.92
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:Â Â @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.
