Stock Market Futures Considerations For November 13, 2017
The S&P 500 (INDEXSP:.INX) and Nasdaq (INDEXNASDAQ:.IXIC) are trading lower on Monday morning, as traders approach the new week with caution. Lower support levels will be important to watch today. Key trading levels and futures market commentary can be found below.
Check out today’s economic calendar with a full rundown of releases.
S&P 500 Futures
This instrument is now drifting into repeated tests of support holding 2584 is near-term resistance currently. Opportunities still lie at the tests of deeper support – near 2572.5 -for long entries, but bounces are now creating opportunities for shorting action to hold into this support. The failure to recapture 2586 is likely to suggest more downside in a grinding motion. 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 above a positive retest of 2584
- Selling pressure intraday will likely strengthen with a failed retest of 2572
- Resistance sits near 2586.75 to 2591.5, with 2594.75 and 2600.5 above that.
- Support holds between 2572.5 and 2568.75, with 2566 and 2558.5 below that.
The NQ still holds the strongest momentum of the indices we watch, but it too has been grinding into retests of support areas near 6305. LOWER HIGHS seem likely today as long as we hold below 6314.25. 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 positive retest of 6316.25
- Selling pressure intraday will likely strengthen with a failed retest of 6294.5
- Resistance sits near 6312.75 to 6324.25 with 6335.5 and 6344.75 above that.
- Support holds between 6302.5 and 6294.5, with 6279.5 and 6262.5 below that.
WTI Crude Oil
Oil remains range bound and gathering consolidation around prices near 57. Pullbacks into support should still be key buy zones , though potentially lower than Friday. Support levels still hold near 56.5. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.
- Buying pressure intraday will likely strengthen with a positive retest of 57.3
- Selling pressure intraday will strengthen with a failed retest of 56.56
- Resistance sits near 57.27 to 57.46, with 57.85 and 58.35 above that.
- Support holds between 56.8 to 56.6, with 56.42 and 56.11 below that.
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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.
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.