Stock Market Futures Trading Outlook For February 28

S&P 500 Trading Considerations For February 28, 2017

The S&P 500 Index (INDEXSP:.INX) made new highs yesterday afternoon but the futures market has slipped back overnight to test higher support levels as some divergence still shows.  As the news heavy week cranks along, it should provide volatile trading spaces and good opportunities for the nimble.  Watch your risk.

Buying pressure will likely strengthen above a positive retest of 2368 (on S&P 500 futures), while selling pressure will strengthen with a failed retest of 2349.75

Price resistance sits near 2367.5 to 2369.75, with 2371.75 and 2376 above that. Price Support holds between 2357.75 and 2354.25, with 2350 and 2346.5 below that

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

TRADING SETUPS

S&P Futures (E-Mini)

Upside trades – Two options for entry

• Positive retest of continuation level -2367.75
• Positive retest of support level– 2357.25
• Opening targets ranges – 2351.5, 2355.5, 2357.25, 2360.75, 2362.75, 2364.75, 2370.25, 2372.25, 2376, 2381.25

Downside trades – Two options for entry

• Failed retest of resistance level -2365.25
• Failed retest of support level– 2361.75
• Opening target ranges – 2361.5, 2358.75, 2354.5, 2351.5, 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  Momentum holds steady but extra caution here with the NQ_F is advised as we see topping formations that might fade quickly.  As long as we hold higher lows, longs will be acceptable to trade into resistance

• Buying pressure will likely strengthen with a positive retest of 5352.75
• Selling pressure will strengthen with a failed retest of 5299
• Resistance sits near 5352.75 to 5361.25, with 5370.75 and 5378.75 above that
• Support holds between 5306.25 and 5299, with 5290.25 and 5284.25 below that

Upside trades – Two options

• Positive retest of continuation level -5352.75
• Positive retest of support level– 5325.25
• Opening target ranges – 5313.5, 5320.25, 5325.25, 5330.75, 5335.25, 5340.25, 5346.75, 5350.5,  5354.5, 5360.25, 5364.5, 5367.75, 5378.75, 5382.75

Downside trades- Two options

• Failed retest of resistance level -5340.25
• Failed retest of support level– 5332.75
• Opening target ranges – 5334.25, 5327.75, 5323.75, 5320.75, 5318.75, 5311.75, 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

Oil traders are doing their very best to keep prices above channel congestion as we test support near 53.6 – definitely a battleground into the oil numbers this week

• Buying pressure will likely strengthen with a positive retest of 54.58
• Selling pressure will strengthen with a failed retest of 53.75
• Resistance sits near 54.89 to 55.27, with 55.6 and 56.05 above that.
• Support holds between 53.8 and 53.48, with 53.25 and 52.8 below that.

Upside trades – Two options

• Positive retest of continuation level -54.24
• Positive retest of support level– 53.78
• Opening target ranges – 53.94, 54.11, 54.22, 54.4, 54.54, 53.68, 53.88, 54.05, 54.19, 54.54, 54.85, 55.04, 55.12, 55.48, 55.68, 55.88, 56.04

Downside trades- Two options

• Failed retest of resistance level -53.88
• Failed retest of support level– 53.48
• Opening target ranges – 54.02, 53.88, 53.64, 53.48, 53.27, 53.11, 52.89, 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 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.