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Futures Trade Desk- S&P 500 Technical Outlook

Trade Desk Client Note

Global Futures Market Review

S&P 500 Technical Outlook


Trend: Short Momentum: Average Sentiment: Average Average Daily Trading Range: 35.90 (3.2%)

Daily Simple Moving Average Lines: Blue (20 SMA) Green (50 SMA) Orange (100 SMA) Red (200 SMA)

Technical Wave: In a sideways chop looking for direction. Overlapping and volatile price action is struggling to find fair value each day

TheLFB SP500

S&P 500 4-Hour Chart

Buy Support: Bullish traders will be looking to buy the short reversals to 1120, which then target 1150 and 1180

Sell Resistance: Bearish traders will be looking to sell long tests of resistance that fail to break 1175, which then target 1135 and 1095

Overall: With Q3 earnings season getting into full swing over the next few weeks the daily volatility is likely to build. There is nothing appealing about the technical aspect of these charts at the moment, either long or short.

This Week: Accept that news-headline related moves are dominating technical potential, and that the already high average daily trading range is likely to continue moving higher, creating further volatility.