S&P 500 Trading Considerations For June 30, 2017
It’s the end of the quarter, end of the month, and end of the week and a hefty bounce off the lows of yesterday greets us this morning. The question remains: Will the S&P 500 (INDEXSP:.INX) be able to hold the support and congestion near 2412?
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S&P 500 Index Chart
See key futures trading levels below.
S&P 500 Futures (ES)
Bouncing off deep lows has rewarded traders willing to extend themselves in this area but is it going to become a dangerous thing to do in the coming weeks? Lots of questions and only careful attention to the current motion and how well we hold support level bounces will deliver good answers. Today I suspect that some minor jockeying occurs but that we have seen the lows of the week. The recovery and week’s close above 2428 will leave us right back in congestion levels we have visited for the last month. 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 above a positive retest of 2429 (careful again here with resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 2420
- Resistance sits near 2434.5 to 2439, with 2445.5 and 2448.5 above that.
- Support holds between 2422.5 and 2417.25, with 2412.75 and 2402.5 below that.
Nasdaq Futures (NQ)
Longer timeframes show the motion here in technology as more likely a reversion to the mean event as the NQ_F has delivered returns well above the ES_F through the early part of the year. The continuation short I mentioned in yesterday’s post was certainly what we saw yesterday with a move down to levels not seen since May. Buyers will need to now recapture and defend 5672 to have any real control of the chart intraday, as sellers stand at the ready to force price lower at that pivotal region intraday. 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 positive retest of 5682.5
- Selling pressure intraday will likely strengthen with a failed retest of 5632.5
- Resistance sits near 5698.75 to 5726.5, with 5748 and 5776.25 above that.
- Support holds between 5644.75 and 5632.75, with 5624.75 and 5604.5 below that.
WTI Crude Oil
Buyers still hold support near 44.7 and resistance now sits near 45.46, and above it sits 45.76 to 46.8. Traders are struggling with the competition at these levels to win the battle of motion. Formations still suggest that pullbacks will find buyers. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 45.48
- Selling pressure intraday will strengthen with a failed retest of 44.6
- Resistance sits near 45.48 to 45.76, with 46.17 and 46.4 above that.
- Support holds between 44.6 to 44.4, with 44.22 and 43.7 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.
