Princetontrader Futures Trading Education Charts of The Day April 5, 2017
The S&P futures spent another the day below the daily midband but with no new weekly low and no real progress from either side. For a second consecutive day, we rallied into the monthly pivot and daily m id (20 day sma) into the close. That area held as overnight resistance as of this writing for a second consecutive session. The pressure remains on the bears to hold 57-60 and push the market down toward the lower Bollinger Band in the 2334 area. Should bears be unable to do so the upward pressure will eventually be too much to contain and bulls will get a retest of last week’s resistance at 2366/67.