Broad Stock Market Futures Overview for Aug 3, 2018
Payrolls miss estimates but jobs outlook still strong. We get this news under a bullish undercurrent but after a likely squeeze play yesterday in the market as traders pushed us well past congestion levels.
I posit that the moves here across the board were more likely to traders caught off balance and ill-positioned, rather than a vote of confidence to the upside. That said, as long as we hold higher support, we will continue upward. Stepping in front of a short seems like an outside event UNTIL we fail to retest prior resistance. Patience is still key.
S&P 500 Futures
Support reaches higher in a likely squeeze.
Breaching and holding 2821 gave buyers the push they needed but after a miss with NFP and upward revisions, we are looking at crosscurrents. 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 2831.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2824.75
- Resistance sits near 2835.75 to 2840.25, with 2845.75 and 2851.75 above that.
- Support sits between 2828.25 and 2819.5, with 2812.25 and 2806.75
NASDAQ Futures
After an 800 tick swing from the lows to the highs, traders stall at 7394. I firmly believe we had a squeeze here that pushed us up into these regions which make long trades difficult to hold to the continuation (as being on the other side brings a measure of disbelief). I suspect we drift down from these levels but we could easily fade into key congestion below. A cautionary tale by any telling. 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 7406.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7379.5
- Resistance sits near 7399.5 to 7427.5 with 7448.5 and 7461.25 above that.
- Support sits between 7386.5 and 7366.75, with 7351.5 and 7321.75 below that.
WTI Crude Oil
Buyers gave us a big bounce off the lows as we continue in the range to 70. Holding support levels near 68.8, a familiar zone we will see gives traders a boost to 70. We are essentially in a wide trading range. 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 69.17
- Selling pressure intraday will strengthen with a bearish retest of 68.51
- Resistance sits near 69.09 to 69.36, with 69.92 and 70.42 above that.
- Support holds near 68.76 to 68.54, with 67.96 and 67.56 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.
