Stock Market Futures Outlook for December 1 2016 –
There’s a big news release day ahead of us. After a bullish setup in the pre-market yesterday, S&P 500 futures hit price resistance and retreated to lower support levels. This same action also happened on Nasdaq futures (an underperformer). The S&P 500 (INDEXSP:.INX) opens this morning in a space set to lift off, but where we collide with sellers remains to be seen. Futures buyers should gain traction on a move over 2200.75 today with price support levels to watch near 2197-2194. Price resistance holds between 2211.5-2214.75. Momentum remains mildly bullish in form, but still under pressure.
See today’s economic calendar with a rundown of releases.
TODAY’S RANGE OF MOTION
S&P 500 Futures Trading Chart – December 1
Upside trades on S&P 500 futures – Two options for entry
Positive retest of continuation level – 2200.75
Positive retest of support level – 2196.50
Opening targets ranges – 2200.50, 2203.50, 2206.50, 2209.5, 2211.75, and 2215.50
Downside trades on S&P 500 futures – Two options for entry
Failed retest of resistance level – 2194.25
Failed retest of support level – 2197.25
Opening target ranges – 2194.75, 2191.50, 2187.5, and 2184.50
Nasdaq Futures
The NQ_F composite chart sits right on its 10 weekly simple moving average as trades struggle to keep it above this key level near 4805. We’ve been battling there for nearly 8 hours. Above 4814.50, the buyers will gain more confidence in the move to propel it further north, but beneath 4810, the sellers have a stronger chance at a push south. Resistance is now between 4821.5 and 4834. Though the trend is upward, traders will naturally be more cautious as key levels have been broken and have failed to recover.
Upside trades for Nasdaq futures – Two options
Positive retest of continuation level – 4814.50
Positive retest of support level – 4805.50
Opening target ranges – 4810.50, 4814.50, 4817.75,4820.75, 4824.50, 4827.75, 4830.50, 4834.50, and 4847.25 if the chart recovers
Downside trades for Nasdaq futures – Two options
Failed retest of resistance level – 4822.50
Failed retest of support level – 4805.25
Opening target ranges – 4817.75, 4814.75, 4812.25, 4808.75, 4805.5, and 4794.50 to 4785.50 if the chart collapses further
Crude Oil
The OPEC deal has been struck – though it doesn’t have teeth, traders are advancing price on the news headline. There is also the case to be made that one OPEC deal could easily lead to another as this is the first deal they have all come to in several years. Support levels now sell well above the breakout range of 48.84 – and this morning we could see the run right into 51 before the chart cools down. Resistance rests between 50.90 and 51.50.
Upside trades for Crude Oil – Two options
Positive retest of continuation level – 50.70
Positive retest of support level – 49.91
Opening target ranges – 50.13, 50.24, 50.48, 50.70, 50.94, and 51.54 if price continues to squeeze upward.
Downside trades for Crude Oil – Two options
Failed retest of resistance level -50.13
Failed retest of support level– 49.84
Opening target ranges for non-members –49.97, 49.84, 49.45, 49.2, 48.86, 48.47, and 48.04
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.
