Stock Market Trading Considerations For September 29, 2017
The S&P 500 (INDEXSP:.INX) is flat heading into Friday’s session, which marks the end of the week, month, and quarter. Layered support and resistance may keep the action from getting too crazy – see trading levels below for stocks and oil.
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)
This chart is holding just above resistance today after making new highs two days ago. New support is at the breakout area near 2504 with 2501 just below. Formations are mixed to bullish. 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 2508 (but only into resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 2497
- Resistance sits near 2507.5 to 2509.25, with 2511.5 and 2514.5 above that.
- Support holds between 2504.5 and 2501.5, with 2499.5 and 2494.25 below that.
NASDAQ Futures (NQ)
Momentum still shows mixed continuation as we continue to hold support and test resistance noted. Today’s images are tick charts showing levels of participation. Buyers need to hold 5920 to keep any measure of control here and after a day of struggling seem to be breaking free. 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 5948.75 (but only into resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 5922
- Resistance sits near 5946 to 5948.75, with 5962.5 and 5987.5 above that.
- Support holds between 5920.5 and 5912, with 5905.25 and 5888.5 below that.
WTI Crude Oil
WTI is in a battle to hold above 51.5 and seems likely to fail this region in a retrace not quite expected (for me, anyway – likely, too much group think reading). Sellers seem to have the upper hand overall (below 52, they should hold control) but the chart does seem to be in a wait state. Buyers were in clear control above 52.40 and will resume control if we breach there. 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 52.43
- Selling pressure intraday will strengthen with a failed retest of 51.2
- Resistance sits near 51.74 to 52.08, with 52.4 and 52.85 above that.
- Support holds between 51.3 to 51.2, with 50.79 and 50.39 below that.
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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.
