Stock Market Futures Trading Considerations For August 2, 2017
Stock market futures are pushing higher on a solid earnings report from Apple (NASDAQ:AAPL). Â The S&P 500 (INDEXSP:.INX) is mildly higher, while the Nasdaq (INDEXNASDAQ:.IXIC) looks to open much higher (futures currently pointing to +0.75%). Â See key futures trading levels below for the S&P 500, Nasdaq, and Crude Oil.
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)
ES ranges continue to tighten as we hold higher lows. We are still holding support levels of interest near 2466-2468. Resistance is still near 2478 as earnings season continues. Watch for the failed retest of  2472 for buyers to get nervous about holding. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.
- Buying pressure intraday will likely strengthen above a positive retest of 2478 (careful again here with resistance)
- Selling pressure intraday will likely strengthen with a failed retest of 2466
- Resistance sits near 2476 to 2477.75, with 2480.75 and 2483.75 above that.
- Support holds between 2470.5 and 2468, with 2466.5 and 2458.75 below that.
NASDAQ Futures (NQ)
A big boost from AAPL earnings has the NQ well over recovery levels that caused us concern yesterday. We should retrace some of this move, and hold higher lows near 5916 if we are to see continued motion upward. Momentum remains mixed but is more bullish than yesterday. Watch for the hold or failure of 5926 to shift the balance between buyers and sellers as buyers have resumed command of the chart. 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 5937
- Selling pressure intraday will likely strengthen with a failed retest of 5926
- Resistance sits near 5937 to 5946.75, with 5961.75Â and 5975.75 above that,
- Support holds between 5917.5 and 5897.25, with 5891.75 and 5880.5 below that.
WTI Crude Oil
A steep sell-off back into breakout levels gave us a chance to participate in the bullish trades momentum held higher, or a chance to trade short into support. This was right in line with commentary yesterday. Support is now lower near 48.30. Deep pullbacks will continue to hold regions for buyers to engage in the current formation, but lower highs should send a sounding bell for us to be careful and watch support. Momentum is mixed. Above 49.46, we’ll likely retest 50.06 and above that lies 50.44 and 50.82 to 51.13 as the next test areas. Below 48.3, we are likely to see 47.86, 47.44 and 46.78.  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 49.46
- Selling pressure intraday will strengthen with a failed retest of 48.6
- Resistance sits near 49.3 to 50.06, with 50.43 and 50.84 above that.
- Support holds between 48.73 to 48.36, with 47.86 and 447.44 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:Â Â @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.
