Stock Market Futures Considerations For November 28, 2017
The S&P 500 (INDEXSP:.INX) and Nasdaq (INDEXNASDAQ:.IXIC) are trading slightly higher on Tuesday morning as traders look to press the action higher. Check out my futures trading commentary and key price levels below.
Note that you can access today’s economic calendar with a full rundown of releases.
S&P 500 Futures
This chart is close to yesterday’s highs and holds higher lows. Any minor breakdowns should value buyers to the table. As long as support holds near 2598, we should have bullish action continue and value buyers should continue to step in – below 2594, we could have a shift of the intraday strength. 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 2605.75
- Selling pressure intraday will likely strengthen with a failed retest of 2594.5
- Resistance sits near 2604.75 to 2612.25, with 2618.5 and 2623.5 above that.
- Support holds between 2597.5 and 2594.5, with 2589.5 and 2583.5 below that.
The NQ_F is also close to yesterday’s highs this morning. Bullish undercurrents remain strong but the environment still suggests waiting on higher support tests rather than following breakout motion. Grinding upward motion is the likely move today as well – watch support edges near 6400, as losing these levels without swift recovery suggests that sellers will have intraday control. The environment is the same -performers will be bought so watch support levels to engage in your favorites stocks within the index. 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 6421.25
- Selling pressure intraday will likely strengthen with a failed retest of 6400.5
- Resistance sits near 6424.75 to 6430.5 with 6443.5 and 6451.5 above that.
- Support holds between 6409.25 and 6402.75, with 6397.75 and 6386.75 below that.
WTI Crude Oil
Oil is testing the breakout region and tested our lowest edge of support from yesterday noted. And true to form, buyers have shown up. Getting over 57.86 will be the litmus test for buyers to resume control. Resistance is now at 58.26 as momentum is mixed. Support holds near 57.4. 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 57.92
- Selling pressure intraday will strengthen with a failed retest of 57.36
- Resistance sits near 57.8 to 58.18, with 58.56 and 59.06 above that.
- Support holds between 58.36 to 58.18, with 57.8 and 57.4 below that.
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.