Princetontrader Futures Trading Education Charts of The Day April 6, 2017
The S&P futures put in a 30 handle range day. The morning trade was a squeeze higher over the key areas of monthly pivot and daily midband. Over the lunch hour price confirmed a trend up. However, the bulls demonstrated an inability to sustain price above 2373 after the release of the FOMC minutes. 2373 held and price gave way to a strong move down the remainder of the day. Price traded back down and closed below the 2348.10 weekly pivot. We have traded as low as 2338 in the overnight session. Heading into today the key will be whether the Bears can withstand the inevitable bounce that is already underway. The parameters remain the same. Defend daily midband. Bulls inability to convert and the drag of the policy shift discussed within the minutes put the Bears able to maintain a sell rallies environment. Much of that will depend to the Bears reaction to the bounce. Daily midband must be defends after bulls failed to convert the area yesterday. Bulls need back over and a positive Jobs reaction Friday morning. Whatever happens the tape volatility has certainly returned with excellent opportunities and results.