Broad Stock Market Outlook for March 8, 2018
Buyers answer the call once again and we are off to the races once more. Resistance near the high of our charts this morning will be an area we need to watch.
A shift of momentum now has us bullish in these intraday spaces with tests of resistance likely to fail before attempting another press forward.
S&P 500 Futures
Resistance holds near 2734.5 today- above that, we see 2749.5. Failure to break and hold above 2734.75 will force traders back to congestion- but buyers still have lots of fight left in them. Sellers will need to recapture 2709 before they have a shot at lower levels. 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 2737.25
- Selling pressure intraday will likely strengthen with a bearish retest of 2720.5
- Resistance sits near 2734.75 to 2747.5, with 2756.25 and 2763.75 above that.
- Support sits between 2726.5 and 2719.5, with 2709.25 and 2695.5 below that.
NASDAQ Futures
Bounce patterns continue and this chart is very close to all-time highs once more. Momentum is more bullish but we do sit at resistance for now. Solid support today sits higher near 6911. As long as traders hold us above that region, buyers will continue pressing prices higher. 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 6974.5
- Selling pressure intraday will likely strengthen with a bearish retest of 6934.25
- Resistance sits near 6965.5 to 6996.5 with 7004.5 and 7042.5 above that.
- Support sits between 6956.5 and 6920.75, with 6909.5 and 6878.75 below that.
WTI Crude Oil
Buyers are struggling against sellers this morning in a battle to hold support near 61. For another day, we sit with new lower resistance and congestion zones near 61.89. Below this region, the undercurrent slightly bearish with mixed momentum. 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 61.95
- Selling pressure intraday will strengthen with a bearish retest of 61.01
- Resistance sits near 61.8 to 62.35, with 62.85 and 63.39 above that
- Support holds near 61.1 to 60.47, with 60.08 and 59.56 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.
