As I mentioned yesterday morning, wicks did develop near stock market futures lows yesterday, and charts did see buyers step up into value areas.
The Morning Report: Higher We Go… Into Resistance
Today traders are marching higher into resistance – the first key price resistance level on S&P 500 futures is 1847 and the second being 1851. First passes into these regions will find sellers today, but I suspect we see higher lows today as long as 1833 holds.
We could see 1861 if buyers control the price action. Below 1833, we would likely see 1826 to 1822, and below that, 1815 and lower if the sellers take control once more.
Key Stock Market Futures Resistance Levels
Intraday price resistance on the S&P 500 futures chart sits near 1851.5. Intraday support sits at 1832.5. Momentum is mildly positive, suggesting buyers will try to hold breach levels. We are still hyperextended from moving averages on longer time frames so sharp bounces like these could continue into 1868 and higher.
Shorter time frame momentum indicators are sitting in mildly positive territory and trending up. Longer cycles are downward trending and holding steady in negative territory.
See today’s economic calendar with a rundown of releases.
THE RANGE OF TUESDAY’S MOTION
Crude Oil Futures (CL_F)
Crude oil futures overnight formations now hold 26.90 as the key price support region right now. But we are sitting in a space where buyers will attempt to bottom pick the chart. Bottom pickers remain active.
Today, the trading ranges for crude oil futures are between 26.9 and 29.3.
Moving averages in crude oil are negative across most time frames across the board. Hourly time frames show flat to positively sloping moving averages with positive divergence underneath, suggesting pullbacks will find buyers.
Intraday long trading setups on crude oil futures suggest a long off 27.65 retest or 27.15 (with momentum showing positive, else that brings a lower high) into 27.34, 27.7, 28.5, and if buyers hold control, we’ll see 29.7 on the bounce event.
Intraday short trading setups suggest a short below a 26.9 failed retest or a failed retest of 27.9 with negative divergence showing sends us to 27.2, 26.9, 26.55, 26, 25.81, 25.48, and 25.25.  Charts are negatively biased but in a relief bounce.
E-mini S&P 500 Futures  (ES_F) Â
Below is a S&P 500 futures chart with price support and resistance trading levels for today. Click to enlarge.
The S&P 500 futures chart is rejecting the initial move higher at price resistance near 1847.5. Stock market futures momentum for now suggests that buyers will step in on pullbacks to support.
Upside motion has the best setup on the positive retest of 1838.5 – or a retest after expansion above 1847.5. Targets from 1838.5 are 1841, 1844.5, 1847.25, 1851.5, and if we can catch a bid there, we could recapture 1857.5 to 1868. Watch the higher lows to keep you on the right side of the long trade. Expansions upside in stock market futures over the longer term could see 1870 to 1883, but that seems unlikely at this time.
Downside motion opens below the failed retest of 1834 or at the failed retest of 1847.5. As momentum remains positive, watch for higher lows to develop to signal that a short will not hold trend. Retracement into lower levels from 1834 gives us the targets at 1831.75, 1827.5, 1822.5, 1817.5, 1813.5, 1809.5, 1805.5, 1802.5.
POSITIVE TO NEUTRAL SLANT TO THE DAY’S INTRADAY FORMATIONS BUT ONLY INTO RESISTANCE-LONGER TIME FRAMES CLEARLY NEGATIVE IN MOMENTUM.
If you’re interested in the live trading room, it is now primarily stock market futures content, though we do track heavily traded stocks and their likely daily trajectories as well – we begin at 9am with a morning report and likely chart movements along with trade setups for the day.
Twitter:Â Â @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.
