S&P 500 Futures Firm as Traders Weigh the Week Ahead

S&P 500 Futures Chart for July 29

An attempted strengthening of new prices higher as traders wait to hear from the Federal Reserve this week. 

The Dow Jones Industrial Average sits rangebound and the S&P 500 is fighting at the level of 3026 that I am watching.

A market divergence shows a short fade off the top and we are likely to have a messy rangebound day. The Nasdaq holds below the breakout levels as well in a quiet premarket.

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S&P 500 futures levels of note we have on watch – 3034, 3026, 3004, and 2971. The break below 2992 will signal that further dips if the bounce fails and then continuing to 2974 brings 2761 to view.

Gold holds higher above breakout territory of 1422. Bitcoin and cryptos are under pressure – if the Fed fails to move 50 basis points, bitcoin will likely fill its gap below before bouncing again.

The overnight session gave us another dollar bounce but below the breakout zone of 98.55. Oil continues to hold near 56 and bounce – extremely range bound so look for a move here soon.

THE BIG PICTURE – Daily momentum is neutral to positive and with divergence. The breach and hold of support areas near 3023 will need to be hold if we are to move further out of the range. Bouncing off 3017-3018 will be bullish. Below 3009.5, we’ll see the step down into 3995.

INTRADAY RECAP – Neutral as traders hold support above and bounce off 3024 but fail to breach and hold highs. Watching the support levels near 3023, 3017.75, 3004 in the ES_F are on my radar today below, and 3029 to 3034 above.

Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounce.

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.