Broad Stock Market Futures Overview for August 15, 2018
Prices on the S&P 500 (NYSEARCA: SPY) and Nasdaq (NASDAQ: QQQ) are moving lower again to test support.
Traders are very uncertain as the emerging markets news concerns aren’t going away. Keep a watch on the key price support levels as the day progresses.
S&P 500 Futures
Support holds near 2820 but traders not holding above 2840.
Repeated testing of resistance as momentum drifts south (the current backdrop) potentially suggests sideways or bearish action until this resistance breaks to the upside. This does not mean bullish motion is gone, only stalled in the early hours. Sellers have more power below 2846. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 2843.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2819.75
- Resistance sits near 2840.75 to 2843.25, with 2849.75 and 2857.75 above that.
- Support sits between 2827.25 and 2820.75, with 2813.5 and 2804.75
NASDAQ Futures
Sellers retest support from yesterday but breaching resistance remains difficult. It is very choppy between the 7400-7460 regions, so use caution and pay attention to the congestion. The bullets below represent the likely shift of intraday trading momentum at the successful or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen with a bullish retest of 7434.75
- Selling pressure intraday will likely strengthen with a bearish retest of 7397.5
- Resistance sits near 7428.5 to 7452.5 with 7462.5 and 7478.25 above that.
- Support sits between 7397.5 and 7385.75, with 7362.5 and 7336.75 below that.
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.
