Stock Market Futures Considerations For October 30, 2017
The S&P 500 (INDEXSP:.INX) and Nasdaq (INDEXNASDAQ:.IXIC) are trading mixed to begin Monday’s session and the new week. This follows Friday’s rally, following strong earnings out of the tech sector. How buyers react to pullback attempts will be important…
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.
S&P 500 Futures
Traders advanced prices into new highs across the board. The hold above 2579 gives the buyers control to advance but better trades are always at the pullbacks into support zones. Pullbacks to higher lows will hold unless we lose 2556 as we continue under very positive momentum. 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 2577.75
- Selling pressure intraday will likely strengthen with a failed retest of 2569.5
- Resistance sits near 2576.25 to 2579.25, with 2580.75 and 2584.75 above that.
- Support holds between 2572 and 2569.5, with 2565.75 and 2563.5 below that.
NASDAQ Futures
The NQ exploded higher under positive earnings into new highs as well. Holding 6181 keeps buyers in firm control. We are over 100 points from our last region of heavy support action so watching new higher support to hold will be critical to managing risk. 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 6223.75
- Selling pressure intraday will likely strengthen with a failed retest of 6174.5
- Resistance sits near 6220.25 to 6236.5 with 6255.75 and 6272.75 above that.
- Support holds between 6202.5 and 6194.5, with 6181.75 and 6138.75 below that.
WTI Crude Oil
Oil continued its bullish motion with a sharp breach of resistance and a press higher into key resistance near 54.2. Volume on this move was higher than average and tests higher look very likely with a strong test of support near 53.62. Pullbacks, however deep, will come into value buyers waiting to head higher in the current formation. As long as the chart holds 52.85, buyers will keep the stronghold they currently have. 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 54.2
- Selling pressure intraday will strengthen with a failed retest of 53.2
- Resistance sits near 54.25 to 54.58, with 54.98 and 55.48 above that.
- Support holds between 53.62 to 53.2, with 52.85 and 52.36 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.
