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S&P 500: Short-term Trading Levels in Play

S&P 500: Short-term Trading Levels in Play

2016-10-27 11:45:00
Paul Robinson, Strategist
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What’s inside:

  • The S&P 500 continues to provide no good swing-trade opportunities, but…
  • Very short-term fluctuations still offer opportunity
  • Key support and resistance levels/lines highlighted

Trading has been choppy in the indices for a while now, with the S&P 500 epitomizing the lackluster environment. Swing-trades are pretty much nonexistent as the market searches for direction. But this doesn’t mean there isn’t room to trade from day-to-day, it’s just that we must take trades off levels and lines of influence and be nimble and ready to peel off positions at the first sign of opposition to our trades.

Most day-trades on this end are done during the cash session from 13:30 to 20:00 GMT. Below are the chart markings for the S&P as we head towards today’s open.

The most critical level to watch as resistance comes at the 2146/50 area, where several inflection points of support and resistance can be found. To a less degree in this vicinity we have a trend-line running down off the 10/10 swing high. A break above brings the 10/24 swing high at 2155 into play, and on aggressive trade higher the trend-line extending lower off the 9/7 swing high. Several inflection points spanning over a fairly lengthy period make this an important trend-line to watch. To a lesser degree of importance, running near this t-line is the upper parallel off the 10/14 swing high. In the unlikely event we trade above the before mentioned resistance levels in the very near-term we will look to 2070 as the next stopping point.

On the downside, we first have support by way of a trend-line running higher off the important 10/13 daily low, then the lower parallel extending back to the 10/17 pivot. Horizontal support quickly comes into play around 2130, then 2124, and finally the important 2115 level.

S&P 500: 1-Hour

S&P 500: Short-term Trading Levels in Play

Created with Tradingview

As with any zone of support or resistance, we view it loosely and watch price action surrounding these areas for indications as to whether the market wants to reverse or continue through. Levels need to be adjusted to the instrument being traded (ie. CFD, futures, ETF, etc). Risk/reward ratios should be skewed favorably (~1/2+) at all times, keeping in mind the distance between entry, stop, and their proximity to your target. Always.

Pre-market futures at this time are indicating a slightly stronger open (+4.5) at this time, nothing outside our lines. This could of course change by the time the opening bell rings.

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---Written by Paul Robinson, Market Analyst

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