Broad Stock Market Outlook for February 20, 2018
The S&P 500 tested price resistance on Friday but could not overcome a key level. Now support levels are being tested as we drift lower into congested areas.
The key price region for buyers to hold will be 2705 in mixed momentum.
S&P 500 Futures
Price resistance still sits near 2750 this morning after its rejection on Friday. Keep your eyes open for a failure to test higher highs, or for the break of critical support near 2705 as this will signal slowing from the buyers and strengthening from the sellers. Buying the pullbacks will continue to be the best bet – watch for support action to continue to hold as breaks here will signal more selling pressure. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 2735.5
- Selling pressure intraday will likely strengthen with a failed retest of 2704
- Resistance sits near 2729 to 2735.5, with 2749.75 and 2765.5 above that.
- Support sits between 2708.5 and 2705.25, with 2789.25 and 2671.5 below that.
NASDAQ Futures
NQ_F- Momentum is mixed as traders reject Friday’s highs and drift back into support. Buying pressure sits near 6722 this morning the battle to hold support ensues. The level to watch here is 6678 if sellers can press us beyond 6722. The bullish trend remains intact overall. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 6766.5
- Selling pressure intraday will likely strengthen with a failed retest of 6709
- Resistance sits near 6763 to 6790.25 with 6816.5 and 6847.5 above that.
- Support sits between 6722.5 and 6696.5, with 6670.5 and 6621.5 below that.
WTI Crude Oil
Traders are stalled near 61.9 – in a congested zone with mixed momentum. Breaching this region puts us with targets near 63 to 63.7 before the current cycle is finished. Support holds higher near 60.5 in a show of recovering strength so far.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 62.45
- Selling pressure intraday will strengthen with a failed retest of 61.14
- Resistance sits near 62.38 to 63.19, with 63.89 and 64.8 above that.
- Support holds near 61.4 to 61.13, with 60.54 and 59.24 below that.
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.
