S&P 500 Futures Trading Update For September 14th

Stock Market Overview And S&P 500 Futures Trading Outlook For September 14 –

Tight coiling action on the S&P 500 (INDEXSP:.INX) has led to the anticipated higher low. Today we look for a coil and range bound trading in the absence of news. A positive retest of resistance will give the go-ahead to buyers in this environment – that number is currently 2130 on S&P 500 futures. Note that the key price support level for S&P 500 futures is 2121 today. A breakdown here will give sellers a shot at running the chart lower. Momentum has shifted, but still retains its flat to bearish slant.

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

RANGE OF TODAY’S MOTION

S&P 500 Futures Trading Outlook For September 14

Upside trades on S&P 500 futures – Favorable setups sit on the positive retest of 2130, or a positive retest of the bounce off 2121 with upward momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 2121 are 2124.5, 2129.75, 2132.5, 2137.5, 2141.75, 2143.75 and 2147.25. As always, additional targets will be in the Members only portion of the morning blog.

Downside trades on S&P 500 futures – Favorable setups sit below the failed retest of 2129, or at the failed retest of 2130 with negative divergence. Retracement into lower levels from 2130 give us the targets 2126, 2124.25, 2117.75, 2114.5, and 2110.75. As always, additional targets will be in the Members only portion of the morning blog, and in the live trading room.

Nasdaq Futures

The NQ_F rebounded with the other broad indices in sharp fashion, but this morning continues to battle at higher lows to maintain support.

Upside trades on Nasdaq futures – Favorable setups sit on the positive retest of 4744.75, or a positive retest of 4720.25 with positive momentum. I use the 30min to 1hr chart for the breach and retest mechanic. Targets from 4720.25 are 4724.75, 4727.5, 4732.75, 4735.75, 4742.5, 4744.75, 4752.25, 4757.75, 4760.75, 4764.5, 4769.25, and 4773.75. As always, additional targets will be in the Members only portion of the morning blog, and in the live trading room.

Downside trades on Nasdaq futures – Favorable setups sit below the failed retest of 4717, or at the failed retest of 4742.5 with negative divergence. Retracement into lower levels from 4742.5 are 4738.75, 4735.75, 4729, 4725.5, 4721.75, 4717, 4711.75, 4703.5, 4700.5, 4684.5, and 4680.75. See the blog for additional targets.

Crude Oil

The EIA report is released at 10:30am. After bouncing with the rest of the markets, oil continued a fade into support, which sits near 45.04, with 44.74 below that. Resistance sits near 45.89, but could stretch into 46.47, if buyers can gain any footing after the oil inventories.

Trading ranges for crude oil should hold between 44.04 and 46.59 today.

Upside trades in crude oil trading can be staged on the positive retest of 45.34, or at a positive retest off 45.00 with positive momentum. I often use the 30min to 1hr chart for the breach and retest mechanic. Targets from 45.00 are 45.14, 45.26, 45.47, 45.57, 45.89, 46.13, and 46.36. See the blog for more details on the chart action.

Downside trades in crude oil trading can be staged on the failed retest of 45.04, or at the failed retest of 45.69 with negative divergence. Targets from 45.69 are 45.54, 45.38, 45.22, 45.04, 44.86, 44.62, 44.48 and 44.24. Additional targets will be in the Members only portion of the morning blog, and in the live trading room.

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.  Visit TheTradingBook.com for more information.

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.