Stock Market Considerations For September 26, 2017
The S&P 500 (INDEXSP:.INX) is creeping higher this morning, looking to retest overhead resistance. Bulls can regain control with a strong move through price resistance today. See key trading levels for the S&P 500, Nasdaq, and crude oil below.
Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service and shared exclusively with See It Market readers.
S&P 500 Futures (ES)
Congested behavior at lower support. Support dipped into our target near 2484.5 before bouncing, but for buyers to resume control, they will need to recapture 2503. Price resistance action holds near 2499 today. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen above a positive retest of 2503
- Selling pressure intraday will likely strengthen with a failed retest of 2492
- Resistance sits near 2499.75 to 2503.5, with 2507.5 and 2511.5 above that.
- Support holds between 2492 and 2487.5, with 2484.5 and 2479.5 below that.
NASDAQ Futures (NQ)
Momentum drifted much lower yesterday with a dip below the range and negative continuation. Buyers need to recover 5897.75 to assume any measure of control here. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 5904.75
- Selling pressure intraday will likely strengthen with a failed retest of 5860
- Resistance sits near 5897.5 to 5904, with 5911.25 and 5927.5 above that.
- Support holds between 5862.5 and 5854.5, with 5844.25 and 5774.5 below that.
Crude Oil
Buyers expand price right into the measure move of 52.32 and stall after testing those regions. Buyers are in clear control near 51.97, so pullbacks will be clear buying zones above that. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 52.47
- Selling pressure intraday will strengthen with a failed retest of 51.45
- Resistance sits near 52.2 to 52.43, with 52.8 and 53.78 above that.
- Support holds between 51.64 to 51.39, with 51.1 and 50.8 below that.
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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.
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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.
