Broad Stock Market Overview for August 2, 2018
FOMC releases dovish commentary on the economy and BOE raises rates; both of these are in the backdrop of the non-farm payrolls release tomorrow ( called the ‘Employment Situation’ in Econoday).
Deeper dips into congestion this morning have continued to allow volume profiles to fill in. Confidence in upward motion has been damp since a little before the Facebook release. Watch your edges of support for bounces that fail and continue to expect that deep dips will find buyers.
Patience is key and remember, we could have a rangebound day.
S&P 500 Futures
Support near 2793 is a critical bounce zone for the ES_F. With the employment situation release tomorrow, traders are not willing to stand in front of the trades in either direction so I expect more landlocked behavior. Breaching 2821 once more could certainly give buyers a push upward but also likely to retest so don’t go chasing trades. 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 2806.5
- Selling pressure intraday will likely strengthen with a bearish retest of 2788.75
- Resistance sits near 2798.75 to 2806.25, with 2812.75 and 2821.75 above that
- Support sits between 2792.25 and 2788.5, with 2786.25 and 2782.75
NASDAQ Futures
Battle waging between buyers and sellers near 7222-7225 this morning. Traders are still working through the thin volume profiles but holding this area and building volume here is a good thing. Swing traders need to wait for this to settle out before taking long trades as thin volume profiles still deep in the territory all the way down to 7089. 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 7242.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7202.5
- Resistance sits near 7225.5 to 7234.5 with 7263.5 and 7294.25 above that.
- Support sits between 7225.5 and 7209.75, with 7182.5 and 7165.75 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.
