S&P 500 Futures Trading Outlook For November 8

Stock Market Outlook for November 8, 2016 –

Election Day is upon us! Support levels for the S&P 500 (INDEXSP:.INX) are holding – but depending on the reporting, we may have a messy day with swings all over the place. Traders should be on the lookout for a higher low on S&P 500 futures as it will give us the clue about a shift in price. That may be the setup with a the hold near 2120. Tight price congestion patterns still hold between 2130 and 2137 and will serve as upper price resistance for now. Price support holds in the regions near 2106 to 2119.

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

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading Chart – November 8

Upside trades in S&P 500 futures trading – Two Options:

Positive retest of continuation level -2131.50

Positive retest of support level– 2121.25

Opening targets ranges for non-members -2126.50, 2130.50, and 2136.50

Downside trades in S&P 500 futures trading – Two options:

Failed retest of resistance level -2129.50

Failed retest of support level– 2119

Opening targets ranges for non-members – 2126.50, 2121.75, 2119, and 2114.50

NASDAQ FUTURES

The NQ_F held the break nicely yesterday and now 4740-4755 holds as support. The clean move north on the breach opened nicely as we moved all the way into 4782 – several points above the 4778 level seen as resistance. Resistance levels have been shifted up into 4794 to 4806.5.

Upside trades in Nasdaq futures trading – Two options:

Positive retest of continuation level -4774.5

Positive retest of support level– 4758.5

Opening targets ranges for non-members – 4762.25, 4768.50, 4774, 4778.75, and 4782 – 4786.50

Downside trades in Nasdaq futures trading – Two options:

Failed retest of resistance level -4768.50

Failed retest of support level– 4760.50

Opening targets ranges for non-members – 4762.25, 4760.50, 4754.75, 4748.25, and 4744.50

CRUDE OIL

WTI crude oil charts are in a jagged retrace, but holding higher lows. The API report is ahead after the close today. To change direction, we will need to see a retest of 45.2 (we saw this in early morning trading), and a hold of higher lows for us to consider (currently holding). We could be in a reversal of the downtrend into the test of resistance higher near 45.80 to 46.40

Upside trades on crude oil – Two options:

Positive retest of continuation level -44.97

Positive retest of support level– 44.43

Opening targets ranges for non-members -44.48, 44.87, 45.06, 45.32, 45.57, and 45.78

Downside trades on crude oil – Two options:

Failed retest of resistance level -44.75

Failed retest of support level– 44.30

Opening targets ranges for non-members – 44.48, 44.30, 44.11, 43.85, and 43.44

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.