Stock Market Considerations For November 14, 2017
The S&P 500 (INDEXSP:.INX) and Nasdaq (INDEXNASDAQ:.IXIC) are trading lower on Tuesday morning. Bulls bought the dip yesterday but they will now be forced to defend support levels once more. My futures trading levels and market commentary can be found below.
Check out today’s economic calendar with a full rundown of releases.
S&P 500 Futures
The ES_F is in a tight range bound formation from overnight motion, or a lack thereof. As yesterday, opportunities still lie at the tests of deeper support – near 2571.5 -for long entries and bounces are still creating opportunities for shorting action to hold into this support. The failure to recapture 2586 is likely to suggest more downside in a grinding motion. 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 2586
- Selling pressure intraday will likely strengthen with a failed retest of 2571
- Resistance sits near 2585.75 to 2591.5, with 2594.75 and 2600.5 above that.
- Support holds between 2572.5 and 2569.75, with 2566 and 2558.5 below that.
The NQ continues to hold the strongest momentum of the indices we watch, but it too has been grinding into retests of support areas near 6305. LOWER HIGHS also seem likely today as long as we hold below 6316.25. Resistance remains solid near 6325. A hold above this region will push buyers back into an area of strength. 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 6316.75
- Selling pressure intraday will likely strengthen with a failed retest of 6304.5
- Resistance sits near 6312.75 to 6326.25 with 6335.5 and 6344.75 above that.
- Support holds between 6305.5 and 6294.5, with 6281.5 and 6262.5 below that.
WTI Crude Oil
Oil has faded into regions below 57 but sits congested near lower support near 56.4. Pullbacks into support should still be key buy zones, though again potentially lower than yesterday. Support levels still hold near 56.5. 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 57.13
- Selling pressure intraday will strengthen with a failed retest of 56.40
- Resistance sits near 56.94 to 57.13, with 57.46 and 58.35 above that.
- Support holds between 56.4 to 56.11, with 55.86 and 55.45 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.
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.