S&P 500 Futures Trading Outlook: Pullback Support Levels

Broad Stock Market Futures Trading Outlook for June 28, 2018

After another failed breakout attempt, we find ourselves sitting at the lows for the week. Technically, we are just beneath Monday’s lows so bulls need to quickly recoup those lows and consolidate or we risk a deeper dive.

The next level of support is around 2684. Rally attempts will surely find resistance upon first passes at resistance.

S&P 500 Futures

Lower highs suggest sellers still have control of the landscape.   For a third day, if we can hold / recoup 2701, buyers may be emboldened to try to move us above the critical level of 2727.  Until we get over the breach of resistance and present higher lows this morning, buyers won’t be inclined to participate but we could see some bottom picking as consolidation continues.   The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 2711.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2700.75
• Resistance sits near 2717.5 to 2722.5, with 2729.25 and 2746.25 above that.
• Support sits between 2694.5 and 2691.5, with 2687.25 and 2684.75

NASDAQ Futures

Battle rages at the edges of support this morning with sellers still holding the upper hand.  Weak buyers still sit trying to hold support but the longer consolidation presents here, the more likely that a bounce will hold into resistance.  Higher lows need to present before prices can advance.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 7040.75
• Selling pressure intraday will likely strengthen with a bearish retest of 6979.5
• Resistance sits near 7119.5 to 7136.5 with 7154.5 and 7206.5 above that.
• Support sits between 6960.5 and 6921.5, with 6904.5 and 6894.75 below that.

Crude Oil

Buyers still have control of this chart though buying has slowed.  Higher lows should still hold from larger time frames but a fade through this elevator shaft of price is likely as we move through new highs of this contract. Use caution adding to your positions up at the new highs that may come as there is the likelihood of pressure building from above.   The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 72.78
• Selling pressure intraday will strengthen with a bearish retest of 72.14
• Resistance sits near 73.04 to 73.27, with 73.48 and 73.87 above that.
• Support holds near 72.25 to 71.97, with 71.68 and 70.94 below that.

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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.