S&P 500 Futures Update: Bulls/Bears Set To Clash At Resistance

Broad Stock Market Outlook for February 27, 2018

Market Momentum pointed the way yesterday as the S&P 500 tested and retested resistance to push into pivot points of resistance for the week near 2790.

Pullbacks continue to find buyers at price support levels and higher support located at 2768 keeps our upward trend intact.

S&P 500 Futures

Price resistance holds at 2787 as momentum levels out in a positive press to recover the dips of past weeks. We are still looking at lower highs if we expand the charts to consider weekly levels, so the process of recovery is still afoot. Failure to break and hold above 2783.5 will give us an intraday topping formation and breaching the region will likely signal another press forward into 2790-2792. 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 with a positive retest of 2783.5
• Selling pressure intraday will likely strengthen with a failed retest of 2774.5
• Resistance sits near 2782.75 to 2787.5, with 2792.5 and 2804.5 above that.
• Support sits between 2776.5 and 2774.5, with 2769.25 and 2757.5 below that.

NASDAQ Futures

Momentum holds positively as the Nasdaq gets very close to all-time highs once more.  Higher support now holds at 6957 and resistance sits near 7009. Pullbacks remain buy zones here as well.  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 7008.5
• Selling pressure intraday will likely strengthen with a failed retest of 6957
• Resistance sits near 6992.75 to 7004.5 with 7024.5 and 7048.5 above that.
• Support sits between 6976.5 and 6957.5, with 6929.5 and 6894.5 below that.

WTI Crude Oil

API after the close today.  Yesterday’s resistance near 64.3 holds as traders have forced us back to breakout regions near 63.70.  Price expansion remain jagged so don’t chase your trades 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 64.3
• Selling pressure intraday will strengthen with a failed retest of 63.24
• Resistance sits near 63.87 to 64.08, with 64.76 and 65.12 above that.
• Support holds near 63.54 to 63.12, with 62.85 and 62.34 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.