March 29, 2017 – S&P 500 (INDEXSP:.INX) Trading Considerations
Higher lows yesterday set the table for another rally into upside resistance. Momentum is mixed so traders will need to be patient for setups. See key futures trading levels below.
S&P 500 Futures (ES)
Higher lows as expected yesterday gave the buyers some lift into resistance near 2360.5 Momentum remains mixed and key support is developing around 2351. Resistance levels that will test seller strength will be near 2357 and 2361. Support levels have risen to 2351 and 2344.
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.
Key Trading Levels & Insights:
- Buying pressure will likely strengthen above a positive retest of 2356.75
- Selling pressure will likely strengthen with a failed retest of 2341
- Resistance sits near 2356.75 to 2360.5, with 2367.5 and 2372.25 above that
- Support holds between 2341.5 and 2337.5, with 2332.5 and 2323.5 below that
NASDAQ Futures (NQ)
Momentum holds steady as the NQ_F moved steadily into resistance levels alone. Today, we should see a drift into support that should hold higher. The retest area looks tentative near 5398.75, with 5388 and 5376.25, if sellers exert pressure. Buyers could press us into 5420.75 and 5434 but all expansions should fade as momentum is not strong at this time.
Key Trading Levels & Insights:
- Buying pressure will likely strengthen with a positive retest of 5420.5 (use caution-wait for a retest)
- Selling pressure will likely strengthen with a failed retest of 5397.75
- Resistance sits near 5420.5 to 5427.5, with 5434.5 and 5452.5 above that
- Support holds between 5388.25 and 5376.25, with 5360.5 and 5344.5 below that
Crude Oil –WTI
With the EIA report at 10:30 am, oil is attempting to breach key resistance near 48.84. We are range bound between 47.2 and 48.55 and momentum suggests that if we do press above 48.6, we will be unable to sustain the motion without a fade.
Key Trading Levels & Insights:
- Buying pressure will likely strengthen with a positive retest of 48.88 (be careful here)
- Selling pressure will strengthen with a failed retest of 47.8
- Resistance sits near 48.88 to 49.17, with 49.4 and 49.72 above that.
- Support holds between 48.18 and 47.88, with 47.48 and 46.86 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: @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.
