S&P 500 Futures Update (August 13): Can Bulls Defend Support?

Broad Stock Market Futures Overview for August 13, 2018

Bulls are holding price support this morning as traders try to prevent further declines due to currency markets unrest.

The S&P 500 (NYSEARCA: SPY) has bounced back but traders should watch the support levels listed below.

S&P 500 Futures

Support holds near 2820 as traders battle for the strong hand.

Repeated testing of support suggesting the break of a trend over the passage of time.  This does not mean bullish motion is gone, only stalled in the early hours.

WATCH SUPPORT to see that this bounce takes hold as sellers have more power 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 2846.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2818.75
• Resistance sits near 2839.75 to 2844.25, with 2852.75 and 2857.75 above that.
• Support sits between 2824.25 and 2818.5, with 2813.25 and 2806.75

NASDAQ Futures

Buyers hold repeated tests near 7380 but 7446 is solid resistance for now.  It is very choppy between these regions, so I’d recommend waiting for resolution out of this space or for another test of support to try for the long trade to minimize risk.   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 7431.75
• Selling pressure intraday will likely strengthen with a bearish retest of 7394.5
• Resistance sits near 7436.5 to 7446.5 with 7458.5 and 7471.25 above that.
• Support sits between 7411.5 and 7398.75, with 7380.5 and 7342.75 below that.

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.