Stock Market Futures Considerations For August 11, 2017

The S&P 500 (INDEXSP:.INX) is attempting to bounce this morning after Thursday’s heavy losses.  Will Friday bring a nice bounce to short into?  Or will it bring some base building in an attempt to form a bottom?  Watch today’s key trading levels (see below).

Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service and shared exclusively with See It Market readers.

S&P 500 Futures (ES)

Markets are removing profit and setting up short positions in the uncertain climate greeted by the media and external events (words to ponder – the media ratings skyrocket under news like this- try to find quantifiable information to base your decisions upon).  There is a line of congestion between 2428 and 2419 that may be a magnet for the current motion.  Traders realized that this was not a buy the dip space and will be looking for another lower edge of support from which they can initiate a rally.  Be careful shorting the lows as it will expand your risk. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.

  • Buying pressure intradaywill likely strengthen above a positive retest of 2441 (careful again here with resistance as momentum is bearish)
  • Sellingpressure intraday will likely strengthen with a failed retest of 2431
  • Resistance sits near 2447.5 to 2451.5, with 2456.75 and 2462 above that.
  • Support holds between 2431 and 2427, with 2422.5 and 2418.75 below that.

 

NASDAQ Futures (NQ)

Support levels are being held in the early morning but it is quite likely that the break before a bounce.  These bounces are also quite likely to fail as there is a thin volume event just below corresponding with the gap in the NDX. Charts may become congested today as traders evaluate future motion.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

  • Buyingpressure intraday will likely strengthen with a positive retest of 5809.75
  • Sellingpressure intraday will likely strengthen with a failed retest of 5751
  • Resistance sits near 5802.75 to 5809.5, with 5825.5 and 5844.5 above that.
  • Support holds between 5762 and 5751.5, with 5723.5 and 5706.5 below that.

 

WTI Crude Oil

News from OPEC sent these traders into profit taking mode as the long traders remove gains.  A deep retrace into below congested areas suggests that traders will try to base here and return to the congestion zones between 48.55 and 49.9 – Failure to recapture 48.55 leaves the chart quite bearish.  The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.

  • Buyingpressure intraday will likely strengthen with a positive retest of 48.8
  • Sellingpressure intraday will strengthen with a failed retest of 48.01
  • Resistance sits near 48.55 to 48.8, with 49.22 and 49.59 above that.
  • Support holds between 48.01 to 47.86, with 47.44 and 46.88 below that.

 

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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.

 

Not Investment Advice – Please read investment disclaimer.