Broad Stock Market Futures Trading Overview for July 27, 2018
Higher support levels are still holding on the S&P 500 (INDEXCBOE:.INX). And as was the case yesterday, buyers remain in control.
But there are crosscurrents everywhere which could make today a bit bumpy.
Watch your edges for range expansions that fade. Volume profiles are messy and crosscurrents are everywhere. After Amazon’s earnings, we can watch the Nasdaq (INDEXNASDAQ:.IXIC) for clues.
S&P 500 Futures
Bullish formations prevail as highs still fail but bring with them higher lows. On a summer Friday, we could see the lull of decisions here and a drift into filling the volume profiles that look quite patchy at this time. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 2843.5
- Selling pressure intraday will likely strengthen with a bearish retest of 2831.75
- Resistance sits near 2846.75 to 2851.25, with 2854.75 and 2859.75 above that.
- Support sits between 2835.75 and 2827.75, with 2824.75 and 2819.75
NASDAQ Futures
Traders remain a bit shellshocked in here and now sit within the range developed day before yesterday. Support failed and recovered so the level near 7388 remains important. We do need to remain alert to price reversals here that could take us spiking in either direction as volume profiles are patchy. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 7449.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7398.5
- Resistance sits near 7446.5 to 7461.5 with 7484.5 and 7514.25 above that.
- Support sits between 7408.5 and 7387.75, with 7368.5 and 7354.5 below that.
WTI Crude Oil
Buyers still hold price grinding in an upward channel. Momentum is shifting to bullish as support lifts higher now near 69.04. Pullbacks will be buying regions as traders sit positioned in the grinding move to recapture 70. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 69.75
- Selling pressure intraday will strengthen with a bearish retest of 68.85
- Resistance sits near 69.6 to 69.89, with 70.14 and 70.54 above that
- Support holds near 69.04 to 68.69, with 68.58 and 68.16 below that
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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.
