Princetontrader Futures Trading Education Charts of The Day December 1, 2016

The S&P Futures had a couple of potentially key developments on Wednesday. First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214. The high was made early in rth and held up the rest of the session and overnight. It hasn't been challenged. Instead we spent the day battling again over the key price band (2203 - 2200.75). The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well. Bears are doing every step necessary to effect a deeper retracement. Bears need to keep executing from here. The next support area is the 2191.50 floor (old all-time highs and matching lows). Below 2191.50 would open a move to the daily midband. Bulls must retrace the damage done yesterday and retake the highs. This subjectively seems to be the more difficult task today but never count the Bulls out.

Daily Chart:

The S&P Futures had a couple of potentially key developments on Wednesday.  First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214.  The high was made early in rth and held up the rest of the session and overnight.  It hasn't been challenged.  Instead we spent the day battling again over the key price band (2203 - 2200.75).  The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well.  Bears are doing every step necessary to effect a deeper retracement.  Bears need to keep executing from here.  The next support area is the 2191.50 floor (old all-time highs and matching lows).  Below 2191.50 would open a move to the daily midband.  Bulls must retrace the damage done yesterday and retake the highs.  This subjectively seems to be the more difficult task today but never count the Bulls out.

The S&P Futures had a couple of potentially key developments on Wednesday. First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214. The high was made early in rth and held up the rest of the session and overnight. It hasn't been challenged. Instead we spent the day battling again over the key price band (2203 - 2200.75). The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well. Bears are doing every step necessary to effect a deeper retracement. Bears need to keep executing from here. The next support area is the 2191.50 floor (old all-time highs and matching lows). Below 2191.50 would open a move to the daily midband. Bulls must retrace the damage done yesterday and retake the highs. This subjectively seems to be the more difficult task today but never count the Bulls out.

Hourly Chart:

The landscape hasn't changed.  Win the 2203-2200.75 area and you control the tape.  This is the bears to lose.

The landscape hasn't changed. Win the 2203-2200.75 area and you control the tape. This is the bears to lose.