Broad Stock Market Futures Outlook for April 20, 2018
Resistance levels held for us yesterday and a fade into support deeper than the day before. Today, we are in a retrace of some of this deep support action. Profit taking may take the dips a bit deeper for now.
Yesterday’s lows will be the levels to watch as support once more for sellers to take advantage of weakness.
S&P 500 Futures
Resistance holds here –as traders fill in the volume profile below after another move higher midweek. Buyers need to breach and hold 2705 to resume the move up. The lows of yesterday will bring buyers but how much power they have to move prices back up is suspect. 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 with a bullish retest of 2705.75
- Selling pressure intraday will likely strengthen with a bearish retest of 2684.50
- Resistance sits near 2696.25 to 2704.75, with 2716.25 and 2736.75 above that.
- Support sits between 2692.75 and 2684.5, with 2674.75 and 2662.50
NASDAQ Futures
Deep dips yesterday are reversing in the early morning but we are below the key support zone near 6812. Holding 6791 will be important to buyers today as selling pressure should increase below this zone. Buyers have taken advantage of lower prices but breaching resistance will be an important event for continuation – so take profit if you are long into those levels. 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 bullish retest of 6791.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6732
- Resistance sits near 6784.5 to 6812.75 with 6854.5 and 6883.25 above that.
- Support sits between 6754.5 and 6734.75, with 6717.75 and 6676.75 below that.
WTI Crude Oil
Profit taking erases the gains from midweek as sellers force us into the breakout zone near 67.74. Buyers are collecting in the region but the failure to hold above 68 will likely signal a deeper dip once more. Yesterday’s low will provide support if traders are intent on holding the bounce. The failure to make new highs is the first test of a reversing formation – this occurred yesterday and prices continued into the support area near 67.7. 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 bullish retest of 68.16
- Selling pressure intraday will strengthen with a bearish retest of 67.60
- Resistance sits near 67.96 to 68.12, with 68.67 and 69.11 above that.
- Support holds near 67.7 to 67.26, with 66.95 and 66.7 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.
