Broad Stock Market Outlook for March 29, 2018
A short-term bottom might be forming as we attempt to stabilize around 2600 in the S&P 500 e-minis.
The Nasdaq is not quite as strong, still drifting lower across the board but rounding price is visible in the last 14 hours or so. We are still in a support watch space. And the edges of support are really at congestion – making for risky decisions if you are managing drawdown.
S&P 500 Futures
The challenge of support near 2600 was answered by the buyers who continued to lift us off lows during the day yesterday. We will look at 2606-2604 today to keep us above board and again, how well we perform at these points will give us the color of the day. 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 bullish retest of 2622.50
- Selling pressure intraday will likely strengthen with a bearish retest of 2609.50
- Resistance sits near 2624.5 to 2636.75, with 2654.25 and 2679.75 above that.
- Support sits between 2602.25 and 2592.75, with 2567.5 and 2558.50
NASDAQ Futures
Lower lows showed up as support broke and fell into the deeper level of 6420 before recovering. Holding above 6530 will be important in order for buyers to attempt recovery as momentum remains very deep. 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 bullish retest of 6530.5
- Selling pressure intraday will likely strengthen with a bearish retest of 6467.5
- Resistance sits near 6554.5 to 6586.5 with 6604.5 and 6674.5 above that.
- Support sits between 6469.75 and 6418.25, with 6384.25 and 6318.75 below that.
WTI Crude Oil
Traders drift through our ranges and continue the move into lower and familiar support area near 63.88. Momentum is now a bit negative so we watch for the fades downward into support continue. 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 bullish retest of 64.9
- Selling pressure intraday will strengthen with a bearish retest of 64.23
- Resistance sits near 64.86 to 65.4, with 65.89 and 66.5 above that.
- Support holds near 64.26 to 63.9, with 63.6 and 63.22 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.
