S&P 500 Futures Trading Considerations For February 17, 2017

Bullish action still holds but drifts into higher support should be ‘business as usual’. Pullbacks will still be bought – the chart is not exhibiting anything that suggests collapse. However, the S&P 500 (INDEXSP:.INX) are due for a test of support today and if we are to give back any of this motion, we should first bounce into a lower high.

Buying pressure will likely strengthen above a positive retest of 2352.5, while selling pressure will strengthen with a failed retest of 2332

Price resistance sits near 2350 to 2352.5, with 2356.75 and 2358.25 above that. Price support holds between 2329 and 2323.5, with 2319 and 2313.25 below that

See today’s economic calendar with a rundown of releases.

 

Trading Setups For February 17, 2017

E-mini S&P Futures

Upside trades – Two options for entry

  • Positive retest of continuation level -2347.25
  • Positive retest of support level– 2337.25
  • Opening targets ranges – 2340.5, 2343, 2345, 2347.25, 2351, 2354.5, 2356, 2358.75, 2363.50, and 2367

Downside trades – Two options for entry

  • Failed retest of resistance level -2345
  • Failed retest of support level– 2337
  • Opening target ranges – 2343.25, 2337.5, 2334, 2329.25, 2323.5, 2319, 2315.25, 2313, 2309.75, 2304.75, 2302.75, 2299.5, 2297, 2294.25, 2291.75, 2288.5, 2284.5, 2279.75, 2276.25, 2274.25, 2272.25, 2269.5, 2264.5, 2260.5, 2256, 2253.5 and 2249.75

 

Nasdaq Futures

The Nasdaq Futures (NQ_F) presented a new high yesterday and still holds a bullish trend -however, momentum continues to drift down. And over the last 24 hours, candlestick bodies have been printing lower highs (though the traders are still holding support levels). If the lower highs continue, the Nasdaq (INDEXNASDAQ:.IXIC) will likely drift into support that sends us into key areas that we need to retest.

Buying pressure will likely strengthen with a positive retest of 5315.75, while selling pressure will strengthen with a failed retest of 5277.75

Price resistance sits near 5315.25 to 5325, with 5340.75 and 5354.75 above that. Price support holds between 5286.5 and 5277.75, with 5271.75 and 5266.5 below that

Upside trades – Two options

  • Positive retest of continuation level -5306.5
  • Positive retest of support level– 5286.5
  • Opening target ranges – 5291.25, 5294, 5297.75, 5306.5, 5313, 5315.75, 5325.5, 5340.75, 5354.5, and 5369.25

Downside trades- Two options

  • Failed retest of resistance level -5297.25
  • Failed retest of support level– 5286.25
  • Opening target ranges –5294.25, 5291.25, 5286.75, 5277.75, 5273.75, 5271.25, 5266.75, 5263.25, 5259, 5252.75, 5246.75, 5240.25, 5235.25, 5229.75, 5227.75, 5221.75, 5217.75, 5212.5, 5207.5, 5202.25, 5197, 5186.25, 5180, 5173.75, 5167.25, 5161.5, 5157.25, 5154.5, 5151.5, 5145.5, and 5140.5

 

Crude Oil –WTI

Divergent themes continue to keep oil range bound.  All eyes are on the funds who are positioned incorrectly – so we are likely to see some fireworks in the mix. We sit at resistance again, but the fade has brought buyers into the fray.  The range between 51.5 and 54.3 remains uncontested.

Buying pressure will likely strengthen with a positive retest of 54.05, while selling pressure will strengthen with a failed retest of 52.7

Price resistance sits near 53.54 to 53.68, with 53.88 and 54.05 above that. Price support holds between 52.63 and 52.37, with 52.2 and 51.78 below that.

Upside trades – Two options

  • Positive retest of continuation level – 53.92
  • Positive retest of support level – 53.22
  • Opening target ranges – 53.35, 53.68, 53.88, 54.05, 54.19, 54.34, 54.51, 54.76, 55.02, 55.19, and 55.35

Downside trades- Two options

  • Failed retest of resistance level – 53.34
  • Failed retest of support level – 53.01
  • Opening target ranges – 53.11, 52.94, 52.85, 53.06, 52.86, 52.64, 52.37, 52.2, 52.06, 51.91, 51.72, 51.52, 51.22, 51.04, 50.82, 50.47, 50.3, and 50.16

 

If you’re interested in watching these trades go live, join us in the live trading room from 9am to 11:30am each trading day.

Visit TheTradingBook for more information.

If you’re interested in the live trading room, it is now primarily stock market futures content, though we do track heavily traded stocks and their likely daily trajectories as well – we begin at 9am with a morning report and likely chart movements along with trade setups for the day.

As long as the trader keeps himself aware of support and resistance levels, risk can be very adequately managed to play in either direction as bottom picking remains a behavior pattern that is developing with value buyers and speculative traders.

 

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.

 

Not Investment Advice – Please read investment disclaimer.