Stock Market Futures Trading Outlook For February 22

S&P 500 (INDEXSP:.INX) Considerations For February 22, 2017

Bullish action still holds with higher support today. We tested a new high and pulled back a bit, but charts hold steady.  Caution with breakouts are still advised and looking to support zones to initiate longs remains the best bet for risk averse trading.

Buying pressure will likely strengthen above a positive retest of 2363.5, while selling pressure will strengthen with a failed retest of 2354.

Price resistance sits near 2363.5 to 2366.75, with 2368.25 and 2371.5 above that. Price support holds between 2354.75 and 2350.25, with 2346.25 and 2342.5 below that

See today’s economic calendar with a rundown of releases.

Trading Setups For February 22, 2017

TRADE SETUPS

E-mini S&P Futures

Upside trades – Two options for entry

• Positive retest of continuation level -2360.5 ( be careful here)
• Positive retest of support level– 2357
• Opening targets ranges –   2351, 2354.5, 2357, 2359.75, 2363.50,  2366.75, 2371

Downside trades – Two options for entry

• Failed retest of resistance level -2358.75
• Failed retest of support level– 2354.25
• Opening target ranges – 2355.75, 2350.5, 2346.25, 2343.25, 2337.5, 2334, 2329.25, 2323.5, 2319, 2315.25, 2313, 2309.75, 2304.75, 2302.75, 2299.5, 2297, 2294.25, 2291.75,  2288.5, 2284.5, 2279.75, 2276.25, 2274.25, 2272.25, 2269.5, 2264.5, 2260.5, 2256, 2253.5 and 2249.75

Nasdaq Futures

The NQ_F presented a new high yesterday again and still holds a bullish trend -momentum continues to drift but with higher supports showing, the chart momentum reading become superfluous. Pullbacks continue to be bought and trends across time frames are still bullish in general.  

• Buying pressure will likely strengthen with a positive retest of 5353.5
• Selling pressure will strengthen with a failed retest of 5320.25
• Resistance sits near 5354.25 to 5357, with 5364.75 and 5367.75 above that
• Support holds between 5320.25 and 5315.5, with 5297.75 and 5286.25 below that

Upside trades – Two options

• Positive retest of continuation level -5350.5 ( careful with buying continuation)
• Positive retest of support level– 5342.25
• Opening target ranges for non-members – 5346.75, 5350.5,  5354.5, 5360.25, 5364.5, 5369.25, 5382.75

Downside trades- Two options

• Failed retest of resistance level -5342.25
• Failed retest of support level– 5331.5
• Opening target ranges for non-members –5337.5, 5331.75, 5325.5, 5320.25, 5315.75, 5306.5, 5297.75, 5294.25, 5291.25, 5286.75, 5277.75, 5273.75, 5271.25, 5266.75, 5263.25, 5259, 5252.75, 5246.75, 5240.25, 5235.25, 5229.75, 5227.75, 5221.75, 5217.75, 5212.5, 5207.5

Crude Oil –WTI

After a swift move up, oil prices retreated back into the congestion regions but hold higher lows and above the 53.88 level of interest.  Reports will be released one day later than normal with Wednesday giving us the API, and Thursday giving us the EIA.

• Buying pressure will likely strengthen with a positive retest of 54.67
• Selling pressure will strengthen with a failed retest of 53.8
• Resistance sits near 54.85 to 55.15, with 55.6 and 56.05 above that.
• Support holds between 53.8 and 53.55, with 53.09 and 52.68 below that.

Upside trades – Two options

• Positive retest of continuation level -54.6
• Positive retest of support level– 54.21
• Opening target ranges  –  53.35, 53.68, 53.88, 54.05, 54.19, 54.44, 54.6, 54.85, 55.02, 55.19, 55.35, 55.68

Downside trades- Two options

• Failed retest of resistance level -54.2
• Failed retest of support level– 53.8
• Opening target ranges –54.02, 53.88, 53.56, 53.31, 53.09, 52.85, 52.64, 52.37, 52.2, 52.06, 51.91, 51.72, 51.52, 51.22, 51.04, 50.82, 50.47, 50.3, and 50.16

If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.

Visit TheTradingBook for more information.

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.

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.