Broad Stock Market Trading Overview for March 27, 2018
Buyers took advantage of the retest of higher support yesterday (intraday) and traders are continuing their buying into key resistance levels.
Sellers may get squeezed here into the initial breakdown levels of last week. The next pullback will be important. And holding/creating new support will be critical across the board… bulls don’t want to lose a lower support level in this environment.
S&P 500 Futures
New higher support near 2662 is holding for now into the morning with additional support below at around 2648. 2702- to 2715 is likely where the traders are going to try to test before another big decision gets made. 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 2667.50
- Selling pressure intraday will likely strengthen with a bearish retest of 2656.50
- Resistance sits near 2674.5 to 2682.75, with 2697.25 and 2715.75 above that.
- Support sits between 2662.25 and 2648.75, with 2636.5 and 2621.50.
NASDAQ Futures
Bounces also hold here well as intraday momentum takes a turn positive. Holding higher support near 6798 will be important for traders as well the breach and hold of 6860 which sits as near term resistance. 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 6820.50
- Selling pressure intraday will likely strengthen with a bearish retest of 6797
- Resistance sits near 6861.5 to 6916.5 with 6951.5 and 7027.5 above that.
- Support sits between 6809.75 and 6768.75, with 6721.25 and 6684.75 below that.
WTI Crude
API after the close as expansion stalls at resistance near 66.5 Momentum remains bullish and the price remains extended, so pullbacks are best areas for entry long. Short action should be quite short-lived in these environments. Holding 65.19 will still be key. 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 66.10
- Selling pressure intraday will strengthen with a bearish retest of 65.12
- Resistance sits near 65.94 to 66.54, with 67.3 and 68.24 above that.
- Support holds near 65.17 to 64.51, with 64.24 and 63.76 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.
