Broad Stock Market Futures Outlook for April 24, 2018
Congestion remains the formation with a bounce in progress into old resistance regions in the S&P 500 near 2687. We are in a retrace of bullish motion from last week and close to stock market support levels that need to hold across the board.
Although this continues to be a space to be cautious with size, pullbacks will still present buying opportunities. Prepare to watch for the failures to head lower (bullish) and failures to head higher (bearish) as signals of strength and weakness.
S&P 500 Futures
Higher support holds today as we stabilized at the level of 2661 yesterday. The level near 2672 will be the new support action to watch today as we stretch into resistance between 2687 and 2692 this morning. I am expecting a bit of price compression. 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 with a bullish retest of 2687.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2671.50
- Resistance sits near 2686.25 to 2694.75, with 2712.25 and 2734.75 above that.
- Support sits between 2680.75 and 2672.5, with 2662.5 and 2646.50
NASDAQ Futures
Levels near 6655 bore the brunt of selling and held firm as support into this morning as buyers, once again try to get us back the region near 6723 – currently sitting as resistance for another day. Below 6654, buyers will have more difficulty retracing. Crosscurrents remain active so only wide-angle analysis will deliver the most likely trajectory. 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 bullish retest of 6723.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6654
- Resistance sits near 6721.5 to 6752.25 with 6778.5 and 6819.25 above that.
- Support sits between 6657.5 and 6621.5, with 6594.75 and 6557.75 below that.
WTI Crude Oil
Range bound behavior continues with strong buying at support leading quite likely to new highs. Today, we have the API and EIA tomorrow. We had a test of deeper lows so there is some weakness, but in general, as long as we hold the 67.7 regions, buyers have control of the chart’s direction. 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 bullish retest of 69.50
- Selling pressure intraday will strengthen with a bearish retest of 68.70
- Resistance sits near 69.34 to 69.57, with 69.86 and 70.22 above that.
- Support holds near 68.74 to 68.26, with 67.84 and 67.27 below that.
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.
