Broad Stock Market Futures Trading Outlook for July 10, 2018
Monday pre-market, we highlighted the S&P 500 (NYSEARCA:SPY) breakout and today we’ll look at upside targets for today/tomorrow as we near price resistance.
Note that longer times frames remain bullish.
The trading trend is higher and going against the grain will be difficult here… waiting for higher lows on a pullback will be key. Short-term upside resistance sits at 2795, 2802, 2810 and 2813.
S&P 500 Futures
Higher lows still hold across the board under damp volume. Neutral to bullish momentum beneath is now present. A test of higher lows that confirm will strengthen the move upward as earnings hold and traders remain bullish overall. Deep dips will be buying zones. 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 2797.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2777.75
- Resistance sits near 2794.5 to 2801.5, with 2809.75 and 2812.75 above that
- Support sits between 2788 and 2782.5, with 2774.75 and 2765.75
NASDAQ Futures
Resistance test as traders approach prior highs. Resistance is still present as momentum continues its rise. Pullbacks remain buying opportunities as we approach new highs and the earnings season ahead. Trading against the bullish motion could be quite dangerous as the undercurrent upside begins to firm up. 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 7337.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7272.5
- Resistance sits near 7327.5 to 7336.5 with 7358.5 and 7381.25 above that
- Support sits between 7254.5 and 7241.5, with 7216.5 and 7189.75 below that.
WTI Crude Oil
Traders are in a wait state here as volume profiles build acceptance near 73.56. The API and EIA reports may shift the traders into high gear here. Higher lows should still hold from larger time frames as our bullish environment remains strong – but it is clear to see how deep the dips can be in this space. 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 74.48
- Selling pressure intraday will strengthen with a bearish retest of 73.52
- Resistance sits near 74.36 to 74.54, with 74.81 and 75.39 above that
- Support holds near 73.78 to 73.09, with 72.74 and 72.37 below that
CHART
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.
