S&P 500 Futures Trading Outlook For September 8th

S&P 500 futures trading outlook and broad stock market overview for September 8, 2016 –

Buyers continue to struggle with overhead supply as spikes upward sell off in the overnight hours of US futures markets. S&P 500 futures are attempting to hold new support around 2183.5 this morning, but continue to fade from 2187.5. That level still stands as front line price resistance for stocks. S&P 500 (INDEXSP:.INX) momentum is holding a bullish posture, so pay attention to any breach of the levels noted above. A positive retest and hold of 2187.75 on S&P 500 futures could begin a squeeze as traders. However, a failure to hold 2182 will encourage sellers to force the chart into support levels below.

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

RANGE OF TODAY’S MOTION

S&P 500 Futures Trading Outlook For September 8th

Upside trades on S&P 500 futures – Favorable setups sit on the positive retest of 2186.25, or a positive retest of the bounce off 2183.5 with upward momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 2183.5 are 2186.25, 2187.5, 2189.25, and if we expand, we may stretch above into 2192, 2194.75, and 2197.75. A deeper support test near 2177 could also bring buyers back onto the playground – so use caution there.

Downside trades on S&P 500 futures – Favorable setups sit below the failed retest of 2181.5, or at the failed retest of 2184.75 with negative divergence. Retracement into lower levels from 2184.75 give us the targets 2181.5, 2179, 2177.75, 2172.25, 2170.5, 2168.75, 2165.25, 2160.5, 2158.25, 2154.75, and perhaps 2149.5, if the sellers collapse support.

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 spiked in overnight trading into 4837, only to reject the level as sellers forced buyers back into congestion. Support sits near 4824, with 4820 below that. Resistance sits between 4835, and 4842.5.

Upside trades on Nasdaq futures – Favorable setups sit on the positive retest of 4834.5, or a positive retest of 4824.75 with positive momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 4824.75 are 4828.75, 4831, 4833.5, 4837.5, 4840.5, and 4842.75, if buyers continue to reverse the recent dip.

Downside trades on Nasdaq futures – Favorable setups sit below the failed retest of 4824, or at the failed retest of 4831.5 with negative divergence. Retracement into lower levels from 4831.5 gives us the targets 4828.25, 4824.5, 4820.5, 4818, 4812.25, 4810.25, 4805.5 and 4801.25 if sellers resume control.

Crude Oil

After news of a 12.1million barrel build from the API, and China’s increased imports of oil, oil spiked into prior resistance where it stalled at a line clearly marked by sellers at 46.48. Wide range bound behavior continues to be likely, with most news having little effect on the big picture. Demand is holding steady, supply will likely hold steady, and OPEC and friends can’t seem to come to an agreement on production levels. Support sits near 46.08, with 45.57, below that. Resistance sits near 46.47, but could stretch into 47.14 with a surprise draw from EIA reporting today at 11am. They are currently looking for a draw of .5 million barrels.

Trading ranges for crude oil prices should hold between 44.74 and 47.14 today.

Upside trades on crude oil can be staged on the positive retest of 46.49, or at a positive retest off 46.12 with positive momentum. I often use the 30min to 1hr chart for the breach and retest mechanic. Targets from 46.12 are 46.28, 46.47, 46.7, 46.85, 47.02, 47.14, and 47.34.

Downside trades on crude oil can be staged on the failed retest of 45.94 or at the failed retest of 46.36 with negative divergence. Targets from 46.36 are 46.19, 46.06, 45.95, 45.74, 45.57, 45.35, 45.04, and 44.74.

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.