S&P 500 Futures Outlook: Higher Lows Would Be Constructive

Broad Stock Market Futures Outlook for July 12, 2018

Stocks look to recover yesterday’s losses this morning. The key will be successfully putting in a higher low.

The undercurrent is neutral on longer time frames, however a higher low and breakout to new weekly highs would be constructive.

Higher lows still hold across the board on larger time frames.

Neutral momentum beneath is present as selling picked up a bit.  This is still a deeply bullish environment but buying breakouts to hold is never an ideal positioning event.  Higher lows tested and held yesterday and we are above resistance for now.

Deep dips will continue to be buying zones. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

  • Buying pressure intraday will likely strengthen with a bullish retest of 2797.75
  • Selling pressure intraday will likely strengthen with a bearish retest of 2781.75
  • Resistance sits near 2792.5 to 2796.5, with 2809.75 and 2812.75 above that
  • Support sits between 2784.25 and 2778.5, with 2773.75 and 2765.75

NASDAQ Futures

Resistance test as traders approach prior highs for the fourth time in four days.  Resistance has held in each of these time as momentum continues its rise.  Pullbacks remain buying opportunities as we approach new highs but buying breakouts in order to hold the position seems a faulty proposition for the intraday trader.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

  • Buying pressure intraday will likely strengthen with a bullish retest of 7307.75
  • Selling pressure intraday will likely strengthen with a bearish retest of 7248.5
  • Resistance sits near 7297.5 to 7312.5 with 7338.5 and 7357.25 above that.
  • Support sits between 7254.5 and 7234.5, with 7212.5 and 7194.75 below that.

nasdaq futures july 12 investing analysis chart image rally

Crude Oil

Traders sell off the WTI with oil news. Deep dips into 70 are holding for now but we’ll need to see traders take us above 71.2, else we’ll see 69 again.   The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

  • Buying pressure intraday will likely strengthen with a bullish retest of 71.18
  • Selling pressure intraday will strengthen with a bearish retest of 69.98
  • Resistance sits near 71.46 to 72.14, with 72.78 and 73.5 above that.
  • Support holds near 70.24 to 69.29, with 68.64 and 68.11 below that.

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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.

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