Broad Stock Market Futures Outlook for May 8, 2018
Charts currently hold sideways action as decisions remain unresolved for continuation.
Caution here as both sides of the trade could have strength intraday again today.
S&P 500 Futures
Familiar resistance yesterday near 2674 was breached and has since retraced. Holding above here will remain very important for buyers. Sellers are likely to have more power below 2657 level. We see price compression again. 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 2674.25
- Selling pressure intraday will likely strengthen with a bearish retest of 2658.5
- Resistance sits near 2668 to 2672.25, with 2678.25 and 2684.75 above that.
- Support sits between 2661.75 and 2658.75, with 2651.5 and 2646.50
NASDAQ Futures
Bounces above the congestion region near 6825 could not hold as price faded before targets above. Price compression also exists here and the volume profile suggests that the loss of support could deliver a deep move south. Support holds near 6795. 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 6817.75
- Selling pressure intraday will likely strengthen with a bearish retest of 6791.5
- Resistance sits near 6809.5 to 6826.5 with 6854.25 and 6866.5 above that.
- Support sits between 6788.5 and 6776.5, with 6754.5 and 6730.5 below that.
WTI Crude Oil
Sellers pushed price into breakout levels this morning, but buyers have held support at 69.57. We will need to keep an eye on support levels as we get closer to the expiration of this contract. 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 70.28
- Selling pressure intraday will strengthen with a bearish retest of 69.67
- Resistance sits near 70.24 to 70.84, with 71.22 and 71.62 above that.
- Support holds near 69.76 to 69.52, with 69.17 and 68.92 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.
