S&P 500 Futures Trading Outlook For November 16

Stock Market Outlook for November 16, 2016 –

The S&P 500 (INDEXSP:.INX) has pushed higher but is battling the upper end of its range. As the charts held 2164 on S&P 500 futures, so did the resolve of buyers in the mix, pushing price right into the top of the recent range near 2180. The line in the sand for buyers intraday will be 2164.50 – as long as we hold above there, buyers will command more power. Below that price support level, sits 2156.5 as secondary support. Price resistance holds at 2182.5 – 2187.5 for today, but if buyers can spend enough time carving out new support at 2172, the higher targets near 2190 hold as new upside.

See today’s economic calendar with a rundown of releases.

TODAY’S RANGE OF MOTION

S&P 500 Futures Trading Chart – November 15

Upside trades for S&P 500 futures – Two options for entry

Positive retest of continuation level:  2172.5

Positive retest of support level:  2164.5

Opening targets ranges for non-members:  2166.75, 2171.50, 2174.50, 2179.50, and 2185

Downside trades for S&P 500 futures – Two options for entry

Failed retest of resistance level:  2162.50

Failed retest of support level:  2179.75

Opening targets ranges for non-members:  2175.50, 2171.75, 2166.50, 2162.50, and 2156.50

Nasdaq Futures

The NQ_F recaptured 4730 and held for more than 200 ticks to the upside before fading right back into higher support near 4745. This will hold as new frontline support today. Momentum is still relatively neutral. Resistance has moved up to 4784 to 4804.50

Upside trades on Nasdaq futures – Two options

Positive retest of continuation level:  4770.50

Positive retest of support level:  4746.25

Opening targets ranges for non-members:  4752.75, 4759.25, 4765, 4770.25, 4774, 4779.5, 4783.50, and 4798.5

Downside trades on Nasdaq futures – Two options

Failed retest of resistance level:  4770

Failed retest of support level:  4741

Opening targets ranges for non-members:  4765.50, 4758.75, 4752.50, 4747, 4741.75, 4725.50, 4706.75, and 4701.25

Crude Oil Futures

Oil continued a sharp bounce event on more OPEC news.   The API showed a tick up in supply but the news from OPEC is ruling the space. We are testing old resistance as new support this morning near 45.38. The sharp swings will make for volatile trading spaces, but overall motion seems bullish. Resistance is now 46.12 to 48.85 – with the EIA to report at 10:30am eastern. Pullbacks are likely to see buyers as OPEC scrambles for control. There is a definite chess match afoot between the new administration and OPEC.

Upside trades on Crude Oil – Two options

Positive retest of continuation level:  45.84

Positive retest of support level:  45.35

Opening targets ranges for non-members:  45.75, 46.02, 46.3, 46.55, and 46.8

Downside trades on Crude Oil – Two options

Failed retest of resistance level:  45.77

Failed retest of support level:  44.95

Opening targets ranges for non-members:  45.57, 45.34, 45.08, 44.57, 44.38, 44.11, and 43.76

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.