S&P 500 Futures Trading Outlook For September 1st

S&P 500 (INDEXSP:.INX) Overview and Futures Trading Outlook for September 1, 2016 –

All eyes will be on the jobs numbers tomorrow. This will offer a key signal for whether the FOMC will raise rates as early as September or December. S&P 500 futures buyers came to the rescue again yesterday in a similar pattern to Tuesday. Tomorrow may be the fireworks day with the economic news ahead. S&P 500 futures price support levels were broken yesterday but recovered. Support levels are lower because of this breakdown with 2160.5 and 2157.5. Price resistance sits near 2177.5, with 2184.75 above that.

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

RANGE OF TODAY’S MOTION

S&P 500 Futures Trading Outlook For September 1st

Upside trades for S&P 500 futures trading – Favorable setups sit on the positive retest of 2177.5, or a positive retest of the bounce off 2171.5 with upward momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 2171.5 are 2173.25, 2175.25, 2177.5, 2180.5, 2182.5, 2184.75, 2187.75, 2189.25, and if we expand, we may stretch above into 2192 and 2194.75. Tight spaces between levels show that the chart is quite congested through the ranges.

Downside trades for S&P 500 futures trading – Favorable setups sit below the failed retest of 2171, or at the failed retest of 2177 with negative divergence. Retracement into lower levels from 2177 give us the targets 2175.5, 2171, 2167.75, 2165.75, 2160.5, 2158.25, and 2154.75, if sellers take over.

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.

Nasdaq Futures

The NQ_F is holding upper congestion this morning. Support levels were sharply broken yesterday, but recovered towards the close of the day, and have held higher. The congested support holds between 4774.5 and 4778.5. Breakdowns below there could stretch far lower. Resistance sits between 4795.25-4799.5, with expansions that could reach 4802-4806, but that seems like the outside move here.

Upside trades for Nasdaq futures trading – Favorable setups sit on the positive retest of 4788.5, or a positive retest of 4778.5 with positive momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 4778.5 are 4780.75, 4783.25, 4787.5, 4788.5, 4792.25, 4795.25, 4799.5, 4801.5, 4805.5, 4807.25, 4816.25, 4821.5, 4824.25, and 4829, if buyers continue to reverse the recent dip.

Downside trades for Nasdaq futures trading – Favorable setups sit below the failed retest of 4782.5, or at the failed retest of 4790.5 with negative divergence. Retracement into lower levels from 4790.5 gives us the targets 4788.5, 4784.5, 4782, 4780.75, 4778.5, 4774.5, 4771.75, 4768.5, 4764.5, 4761.5, and 4757.5 to 4751.5, if sellers resume control.

Crude Oil

The EIA reported a build in their release greater than traders expected which continued the oil slide to new near term lows near targets that are close to holding key support on weekly charts. Currently support holds at 44.5, with targets below at 44.34 and 44.04. Resistance now sits near 45.24, with 45.47 above that.

Trading ranges on crude oil should hold between 44.01 and 45.74 today.

Upside trades on crude oil futures can be staged on the positive retest of 45.12, or at a positive retest off 44.78 with positive momentum. I often use the 30min to 1hr chart for the breach and retest mechanic. Targets from 44.78 are 44.94, 45.07, 45.24, 45.45, 45.64, 45.86, 46.11, 46.26, and the outside chance that we see 46.42 to 46.63, if buyers power forward.

Downside trades on crude oil futures can be staged on the failed retest of 44.7 or at the failed retest of 45.07 with negative divergence. Targets from 45.07 are 44.74, 44.54, 44.34, 44.21, 44.08, 43.85, and 43.58, if sellers continue to push buyers out of the way.

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.