S&P 500 Futures Trading Update: Market Drift

Broad Stock Market Futures Outlook for May 17, 2018

We are in a bit of a fade to support in larger intraday time frames, so the breach of yesterday’s lower high will be important to the resumption of bullish trend.

Oil continues to accelerate higher. Gold is stabilizing around 1284 for now and Treasuries continue to fade.  The market is awash in minor cross-currents as we step closer to summer months in the northern hemisphere.

S&P 500 Futures

Resistance drifts down and support gets lower- The level below at 2703 is still the space to hold today but above 2714 we have much more bullish pressure in general.  Auction profiles showing low volume areas will need to fill at some juncture and we may be heading into a grind that does that over the next few weeks.  This means that big bounces will be areas to remove profit and stage swift short entries into support. The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 2724.75
• Selling pressure intraday will likely strengthen with a bearish retest of 2711.75
• Resistance sits near 2728 to 2731.75, with 2735.75 and 2744.5 above that
• Support sits between 2712.5 and 2704.5, with 2694.5 and 2683.25

NASDAQ Futures

Lower highs and lower lows are forming but a hold of 6904 keeps sellers at bay.   The big picture still shows range bound behavior as the summer rolls on.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 6929.75
• Selling pressure intraday will likely strengthen with a bearish retest of 6906.5
• Resistance sits near 6941.25 to 6949.5 with 6971.5 and 6989.75 above that.
• Support sits between 6907 and 6891.5, with 6878.75 and 6856.5 below that.

WTI Crude Oil

Prices expand into new highs and a target we have anticipated for weeks at 72.22-   Sellers will likely become more aggressive with a lower high presenting and a failure of support near 71.6.  The bullets below represent the likely shift of trading momentum at the successful or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen with a bullish retest of 71.92
• Selling pressure intraday will strengthen with a bearish retest of 71.62
• Resistance sits near 72.24 to 72.62, with 72.97 and 73.47 above that.
• Support holds near 71.92 to 71.62, with 71.37 and 70.29 below that.

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.