S&P 500 Futures Trading Considerations For December 28, 2017
Though the S&P 500 did lose the level near 2682, buyers quickly recovered and have taken us right into yesterday morning’s levels near 2689.
Undercurrents are mixed for futures. Price retracements should continue to be shallow unless profit taking catches hold or a burst of accumulation begins. Note that you can access today’s economic calendar with a full rundown of releases.
We remain rangebound between 2679 and 2696.
The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted below.
- Buying pressure intraday will likely strengthen with a positive retest of 2692.5
- Selling pressure intraday will likely strengthen with a failed retest of 2681.5
- Resistance sits near 2690.75 to 2696.25, with 2702.75 and 2706.75 above that.
- Support holds between 2680.5 and 2678.5, with 2675 and 2671.25 below that.
NASDAQ Futures
With a failure to head lower and a test of levels near yesterday’s highs, our NQ_F traders are trying to lift formations above the weekly open near 6482.5 where buyers will have a stronger chance at resuming control. The outlook for the day’s motion is currently mixed. 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 6482.75
- Selling pressure intraday will likely strengthen with a failed retest of 6441
- Resistance sits near 6475.75 to 6482.5 with 6494.25 and 6501.75 above that.
- Support holds near 6451.5 and 6443.75, with 6431.25 and 6411.75 below that.
WTI Crude Oil
Traders are keeping oil range bound between 59.3 and 60. We are in a bullish formation, so even if we see deep dips, they will not reverse the upward direction of the chart without an otherwise unlikely news event of some kind. As storage supplies wane and traders hold bullish ideas about the price of oil, sellers will face real battles in this space for a while. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 60.2
- Selling pressure intraday will strengthen with a failed retest of 59.21
- Resistance sits near 59.9 to 60.1, with 60.4 and 60.86 above that
- Support holds near 59.5 to 59.3, with 58.88. and 58.46 below that
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.
