Stock Market Futures Trading Considerations For December 6, 2017
The S&P 500 (INDEXSP:.INX) is trading near important price support on Tuesday morning. Stock bulls will need to defend 2620 on futures. In the commentary below I break down the trading setups for both futures indices along with crude oil.
Note that you can access today’s economic calendar with a full rundown of releases.
S&P 500 Futures
In a dip below our first level of support, we have yet to recover. The second line of support is near 2620, and below that 2606. Sneaky buyers could be around so shorting the break of 2620 might bring a big risk event for early entry without the failed retest. 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 2633.5
- Selling pressure intraday will likely strengthen with a failed retest of 2619.5
- Resistance sits near 2631.5 to 2644.5, with 2650.5 and 2654.25 above that.
- Support holds between 2620.5 and 2616.25, with 2606.5 and 2596.5 below that.
Nasdaq weakness continues as rotation into other sectors and profit taking. We look at lower support tests currently near 6231. Deep dips are still the order of the day as well as lower highs, but buyers are setting up a bounce. Resistance sits near 6279, and a breach there will give buyers a better edge today. 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 6279.5
- Selling pressure intraday will likely strengthen with a failed retest of 6231.5
- Resistance sits near 6258.5 to 6279 with 6306.75 and 6329.75 above that.
- Support holds near 6244.5 and 6231.75, with 6202.25 and 6170.75 below that.
WTI Crude Oil
After losing 57, we have continued to dip with a test of 56.7 this morning. Failure here will force us to 56.4. The bigger undercurrent is still weakening with a potential test of 56.1. 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 57.1
- Selling pressure intraday will strengthen with a failed retest of 56.6
- Resistance sits near 56.96 to 57.09, with 57.45 and 57.78 above that.
- Support holds near 56.68 to 56.4, with 56.07 and 55.75 below that.
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.