Princetontrader Futures Trading Education Charts of The Day December 21, 2016

The S&P Futures opened the regular session with a strong move above the current range. However, the proved to be a false breakout and the remainder of the day was spent chopping between 2267.50 and 2262 with multiple false breakdowns by the Bears as well. You can feel the tape thinning out for the holidays so respect risk and control size. The goals of each side haven't changed headed into Wednesday. Bulls need to convert 2267.50 and make a run toward the 2273 all-time high. Bears want to convert the 2256.60 weekly pivot back to resistance after losing that level on Monday.

Daily Chart:

 

Hourly Chart: