Stock Market Futures Trading Outlook For June 28

Stock Market Futures Trading Outlook for June 28, 2016 – S&P 500 futures are in the process of bouncing off extended support regions and are now testing resistance from prior days. Though there is a definite bearish undercurrent, the charts seem ready to hold higher lows today, as we settle into a new range in stock market futures trading.

Currently, the market is holding well below important levels near 2023. However, I will be on the lookout for higher lows and watchful for a push into this level. Failure to hold 2022.5 on any bounce action, will bring sellers back into the market and all eyes will be on a very big support region near 1994.5. This would mark a higher low for S&P 500 futures, if the level should hold on a pullback. Momentum today is suggesting that we stretch into the upper levels near 2023. Above that, we see 2036.5 as upper resistance levels for now.

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

RANGE OF TODAY’S MOTION

E-mini S&P Futures

S&P 500 (ES_F) – Stock Market Futures Trading Outlook for June 28

Upside trades on S&P 500 futures – Favorable setups sit on the positive retest of 1999.25, or a positive retest of the bounce off 1988.5 with positive momentum. Be very careful watching for sellers showing up near 1997, with the entry near 1988.5, as failure there could signal that we will return to lower levels. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 1988.5 are 1994.75, 1999, 2001.25, 2004.5, 2007.5, 2009.25, 2012.25, 2014.25, 2017.25, 2019.5, 2022.25- resistance watch,2025, 2027.5, 2031.25, 2033.25, 2038.5, 2042.5, 2046.5, 2051.5, 2053.5, 2057.75, 2061.5, and 2066.75.

Downside trades on S&P 500 futures – Favorable setups sit below the failed retest of 1994 or at the failed retest of 2015.75 with negative divergence. It is important to watch for higher lows to develop with the 2015.75 entry, as the chart may be attempting recovery. Retracement into lower levels from 2015.75 gives us the targets 2013.75, 2011.5, 2009.5, 2007.5, 2005.75, 2002.75, 2001, 1999.5, 1995-support watch, 1991.75, 1987.5, 1984.75, 1982.25, and perhaps to a test of 1978.75.

Have a look at the Fibonacci levels marked in the blog for more targets.

Nasdaq Futures

Nasdaq (NQ_F) stock market futures trading outlook for June 28, 2016 –Nasdaq futures broke into a test of deeper support yesterday and then began a bounce holding into the morning. Resistance sits for now at 4234 then 4243. Support could come into at higher lows near 4213, if buyers can hold the push, else a deeper dip into 4205 to 4184 would be likely.

Upside trades on Nasdaq futures – Favorable setups sit on the positive retest of 4234, or a positive retest of 4205.5 with positive momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Intraday resistance sits between 4234-4243. Watch for the lower high to develop in the long opening at 4205.5, if sellers take over intraday. Targets from 4205.5 are 4214, 4218.5, 4222, 4229.25, 4234.5, 4242.25, 4250, 4260.5, 4265.5. If recovery takes hold, we’ll see a second run upward into 4281.5, 4298, 4306.25, 4311.25, 4320.25, 4322.75, and 4330.25; but at this juncture, that seems quite unlikely.

Downside trades on Nasdaq futures – Favorable setups sit below the failed retest of 4218 or at the failed retest of 4231.5 with negative divergence. Retracement into lower levels from 4231.5 gives us the targets 4227.5, 4224.5, 4222, 4218.25, 4213.5, 4186.5, 4175.5, 4170.5, 4167.5, 4162.25, and 4155.75, if sellers accelerate the process.

Crude Oil

Trading outlook for crude oil for June 28 (CL_F) – The API report is out after the close today. Crude oil is bouncing into strong resistance above into 47.95 to 48.4, after a nice bounce off deep support near 45.8 noted yesterday.

The trading range on crude oil suggests support action near 46.26, and resistance behavior near 48.47.

Upside trades on crude oil futures can be staged on the positive retest of 47.24, or at a bounce off 46.54 with positive momentum. I often use the 30min to 1hr chart for the breach and retest mechanic. Targets from 46.54 are 46.98, 47.12, 47.37, 47.49, 47.75, 47.94, 48.16, 48.43, 48.6, 48.8, and 49.04. Range expansions on surprise movement could extend to 49.47 to 49.74.

Downside trades on crude oil futures can be staged on the failed retest of 46.9, or at the failed retest of 47.98 with negative divergence. These setups give us targets from 47.98 into 47.74, 47.48, 47.13, 46.89, 46.7, 46.44, and perhaps 46.27 to 45.87.

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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.