S&P 500 Futures Buy-Sell Levels

Nov. 12, 2016 2:26 PM ETSDS, SSO
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Contributor Since 2013

A weekly blog - Technical Analysis with an emphasis on the futures markets to measure pressures on the equities markets. Buy-Sell Levels are produced for selected futures contracts that are used to trade and to measure the pressures on the equities markets.

Market Pressures _

Copper moved up sharply after a breakout of the weekly downside resistance before profit taking set in Friday. Gold reversed to the downside and set up a new short trade. Silver has pulled back below the new long entry.

Crude reached the first profit target. Natural Gas fell with Crude and is approaching the last short profit target.

The US Treasury Bonds have dropped sharply is price as markets anticipate government deficit spending financed by borrowing to stimulate the economy. The equity markets seem to like this deficit spending.

The consequent rise in interest rates have attracted funds to the US Dollar. The US Dollar futures have risen sharply.

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S&P 500 Futures_

Monthly - The short confirmation level for the monthly is 1965. Trade pressures are up but rolling over. Volumes closed the month of October as bullish, the seventh month in a row.

Weekly - In a new downtrend the week prior with the close below the 2112 short confirmation level. The election night spike down was reversed is the morning hours allowing the week to close up. Trade pressures are down but flattening out. Volumes have changed from bearish to bullish.

Daily - Flat. The overnight spike down of 100 S&P points shook the markets, but at the end the effect was neutralized. Trade pressures are up. Volumes have changed from bullish to neutral.

The close above 2130 was a new long entry, but one had be ready in the overnight markets to take advantage.

The next target up is 2183.

The view that the markets are now rotating into growth sectors which is moving previously dormant sectors up is predicated on fiscal measures and policies that have not yet materialized. The likelihood of a pullback from this euphoria is high.

A close below 2147 could signal that pullback with a possible target of 2095.

Additional disclosure: The author may have long or short positions in any of the securities mentioned.

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