S&P Futures Are Gapping Higher, With No Fear

Principal / Technical Analyst • Aug 14, 2017 at 11:55 AM EDT

Today the S&P futures are gapping higher, with no fear. Or it is just a technically short-term oversold bounce?

The S&P futures tested our bounce zone @ 2445.50-2425.50 on Thursday and Friday last week. Friday’s bounce failed to clear our first bounce level @ 2448.30

Today the S&P futures are gapping higher, with no fear of NOKO or other global issues? Or it is just a technically short term oversold bounce? Regardless of the reason, we have 2455.90 (.382 level) resistance.

Our short term selling zone @ 2462-2468.20

20 DMA @ 2467.20

WTI-Crude has the selling zone @ 48.65-50.20 with the 200 DMA @ 49.35 now. The 20 DMA @ 48.47 has provided some support as Crude has continued to close above. A close BELOW to press sales. 50 DMA @ 46.47 Short term bounce zone @ 46.24-45.25.

XLF has the 50 DMA @ 24.64 as some support. First bounce level @ 24.89 and failing to close below is bearish. 20 DMA @ 25.04 Short term selling zone @ 25.13-25.24. A close below the 50 DMA, and our long term bounce zone @ 24.25-23.92.

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