Stock Market Trading Considerations For October 13, 2017
The S&P 500 (INDEXSP:.INX) is holding steady here but traders should be ready for a break up or down. The consolidation phase is nearing a decision and how price reacts at our target levels will determine where we are headed. See below.
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 (ES)
The e-mini’s pushed into resistance but faded into support that is important to hold coming into tomorrow – 2546 – likely more grinding upside on the horizon, unless we lose 2546 and fail to quickly recapture it. 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 2552.5
- Selling pressure intraday will likely strengthen with a failed retest of 2542.75
- Resistance sits near 2552.25 to 2553.5, with 2556.5 and 2560.25 above that.
- Support holds between 2546 and 2539.5, with 2533.75 and 2527.75 below that.
NASDAQ Futures (NQ)
Bullish formations are still leading us as we made both higher lows and higher highs. Support tests are important to watch and until we have failed support, we will continue higher. 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 6084
- Selling pressure intraday will likely strengthen with a failed retest of 6062.5
- Resistance sits near 6084 to 6091.5, with 6097.25 and 6110.25 above that.
- Support holds between 6062.75 and 6055.5, with 6043.25 and 6029.75 below that.
WTI Crude Oil
A deep fade found support at 50.16 and price is now once again near resistance and congestion. Formations currently suggest that pullbacks will find support. 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 51.14
- Selling pressure intraday will strengthen with a failed retest of 50.62
- Resistance sits near 51.12 to 51.41, with 51.75 and 52.18 above that
- Support holds between 50.42 to 50.16, with 49.84 and 49.52 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.
