S&P 500 Futures Trading Outlook For July 26

Stock Market Futures Considerations For July 26, 2017

The S&P 500 Index (INDEXSP:.INX) is bumping its head up against overhead price resistance.  A pullback to support may be in the cards before any sort of breakout can occur.  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.

Sign up for our FREE newsletter
and receive our best trading ideas and research

S&P 500 Futures (ES) – Trading Levels and Analysis

New highs yesterday combined with higher lows suggest that more upside pressure is ahead for the charts.  Support to hold today to keep the intraday bullish slant will be 2472 with 2470 below that. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.  See chart above.

  • Buying pressure intradaywill likely strengthen above a positive retest of 2476.75 (careful again here with resistance)
  • Sellingpressure intraday will likely strengthen with a failed retest of 2470
  • Resistance sits near 2476.5 to 2478.75, with 2480.75 and 2483.75 above that.
  • Support holds between 2470.5 and 2466.5, with 2461.25 and 2457.5 below that.


NASDAQ Futures (NQ)

Buyers held support at 5915 yesterday and have forced the sellers sitting near 5932.5 out of the way to breach congestion.  As yesterday, above 5932.5, buyers have control of price action.  Below that level, it becomes a bit more of a mixed bag until the failed retests of 5925 where sellers take over.  Formations still suggest that breakouts are likely to fade after first targets are achieved, and pullbacks are likely to be bought at solid support tests. 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 5934.5
  • Sellingpressure intraday will likely strengthen with a failed retest of 5924
  • Resistance sits near 5838.5 to 5946.5, with 5954.75 and 5962.75 above that.
  • Support holds between 5924.75 and 5915, with 5889.5 and 5867.5 below that.


WTI Crude Oil

API report brought buyers into force as we moved past the levels of resistance noted for the day.  Momentum is still bullish suggesting that pullbacks will continue to hold regions for buyers to engage, but we are at a big target zone near 48.8.  Above that, we see 49.39 as the next test area. Support levels are now at 47.74. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted – EIA report is at 10:30 AM ET.

  • Buyingpressure intraday will likely strengthen with a positive retest of 48.8
  • Sellingpressure intraday will strengthen with a failed retest of 47.45
  • Resistance sits near 48.46 to 48.84, with 49.3 and 49.6 above that.
  • Support holds between 47.45 to 47.14, with 46.88 and 46.26 below that.


If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day. Visit TheTradingBook for more information.

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.