S&P 500 Futures Update: Trading Levels For Fed Day

Broad Stock Market Outlook for June 13, 2018

Trading has been quiet over the past 24 hours as traders wait to hear from the Federal Open Market Committee on interest rates.

The bulls still have control but it’s likely to become volatile shortly. Bullish sentiment makes it likely that traders will engage on dips to support. On the upside, sellers keep the market from breaking out (currently) but if buyers get past resistance, we’ll advance into the next overhead level.

S&P 500 Futures

Ranges are tightening as we get closer to a bigger move as higher support holds higher near 2787.  As ranges tighten and bullish motion holds under mildly divergent action, dips to visible support will bring buyers. 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 2794.75
  • Selling pressure intraday will likely strengthen with a bearish retest of 2784.5
  • Resistance sits near 2793.5 to 2797.25, with 2803.5 and 2809.75 above that
  • Support sits between 2789.25 and 2781.75, with 2776.25 and 2766.75

s&p 500 index gartley pattern stock market price target june 13

NASDAQ Futures

New highs in this high flyer but we hold below the breakout level of 7251.  Divergent momentum beneath reminds us to use caution trading breakout action.  Deep dips will find value buyers.  The intraday balance of power can shift easily in these environments.  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 7251.5
  • Selling pressure intraday will likely strengthen with a bearish retest of 7232.5
  • Resistance sits near 7248.5 to 7257.25 with 7276.5 and 7284.5 above that.
  • Support sits between 7234.5 and 7212.5, with 7198.5 and 7167 .75 below that.

nasdaq futures trading stock market price target june 13

WTI Crude Oil

Price action stalls as inventories build.  Traders are attempting to hold price over 66.  Holding the 65.5 area remains important as we go into the EIA report today.  The news is taking a bearish tone here but the weight of the funds is holding price steady for now.  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 66.37
  • Selling pressure intraday will strengthen with a bearish retest of 65.5
  • Resistance sits near 66.36 to 66.57, with 66.87 and 67.4 above that
  • Support holds near 65.86 to 65.56, with 65.06 and 64.26 below that

crude oil trading market chart price target june 13

 

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.

 

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