Broad Stock Market Futures Overview for August 16, 2018
The S&P 500 (NYSEARCA: SPY) is back to test resistance for the third day as traders wait to see how the rally will fair today.
Value traders are waiting for the next pullback to assess the character of today’s snapback.
S&P 500 Futures
Support holds near 2820 but traders not holding above 2840. For the third day, we test resistance as momentum drifts south intraday (the current backdrop) potentially suggests sideways or bearish action until this cycle breaks to the upside. Sellers still have more power to push the charts back down if we stay below 2846. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 2843.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2819.75
- Resistance sits near 2836.75 to 2843.25, with 2849.75 and 2854.75 above that.
- Support sits between 2821.25 and 2820.75, with 2813.5 and 2804.75
NASDAQ Futures
Price resistance holds steady near 7431 as traders play ping pong with price. It is still very choppy between the 7400-7460 regions, so assume deep fading is possible with the break of support. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 7434.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7394.5
- Resistance sits near 7431.5 to 7446.5 with 7462.5 and 7478.25 above that.
- Support sits between 7397.5 and 7384.75, with 7362.5 and 7336.75Â below that.
Twitter:Â Â @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.
