S&P 500 Futures Update: Trading The Gap (April 24)

Stock Market Futures Considerations For April 24, 2017

Companies continue to report and hold earnings expectations (in general) which is giving the market some confidence. As well, markets are encouraged by Le Pen’s trailing results in France, even though she will be in the run off election. The S&P 500 (INDEXSP:.INX) is set to gap higher this morning.

Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service at The Trading Book and are shared exclusively with See It Market readers.

S&P 500 Futures (ES_F)

We are looking at two regions -2375 breakouts and 2365 breakdowns.  Both regions should bring players to the party. Momentum is bullish but volume is low. Buyers continue to keep support higher. Watch for failed retests to consider shorts into support levels (which continue to hold higher )…and for positive retests of breakout regions for long action to continue.

• Buying pressure intraday will likely strengthen above a positive retest of 2375 ( careful here as sellers will try to push them down)
• Selling pressure intraday will likely strengthen with a failed retest of 2365
• Resistance sits near 2373.75 to 2376.75, with 2380.5 and 2383.5 above that
• Support holds between 2365.5 and 2360.5, with 2357.5 and 2354.75 below that

NASDAQ Futures (NQ_F)

NQ_F- This chart bolted higher and has kept solid upward momentum and continuing to break to new highs.  Pullbacks will find buying support as long as we hold 5491, and the ranges to watch will be 5491 as support to hold or we are likely to see 5480 and a positive retest of 5503.25 give us a projection near 5517.5 and 5524.5 should buying power continue.  Intraday momentum is quite bullish at this time but diminished volume is a bit troubling.

• Buying pressure intraday will likely strengthen with a positive retest of 5503.25 – watch your size
• Selling pressure will likely strengthen with a failed retest of 5479.5
• Resistance sits near 5503 to 5517.5, with 5524.5 and 5533.5 above that
• Support holds between 5480.5 and 5471.25, with 5462.75 and 5453.25 below that

Crude Oil –WTI

Oil came right into our lowest support area and bounced very nicely after holding the region. Mixed messages continue to come over the wires but we can clearly see that even as new of long positions still holding in place, prices are testing support levels and making lower highs.  This is the formation we will focus upon and if it shifts, we will look at the chart in a more bullish context.  For now, we are looking at failures at the test of resistance until there are higher lows in progression.  A key level of support exists near 49.2.

• Buying pressure intraday will likely strengthen with a positive retest of 50.55
• Selling pressure intraday will strengthen with a failed retest of 49.12
• Resistance sits near 50.86 to 51.33, with 51.74 and 52.22 above that.
• Support holds between 49.39 and 49.06, with 48.76 and 48.38 below that.

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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.