Princetontrader Futures Trading Education Charts of The Day December 23, 2016

The S&P Futures spent most of yesterday's session below the weekly pivot. Bears pressed the advantage they gained by holding the top of the trading range at 2267/68 for two sessions. The Bears took price as low as 2251.50 (which coincided with S2 of the daily pivot before dip buyers stepped in and bounced the tape closing once again above weekly pivot. A quick look at a daily chart puts this weeks trading into perspective - tight ranges, choppy and so far headed nowhere. Very typical of late December. This too shall pass and January is typically a fantastic month for trading, plenty of volatility for all. Take this time to get your plans together for 2017 and enjoy the Holiday season. Bear want to break 51.50 and go to work of the 47 range low. Bulls want to hold weekly pivot and convert 2261, 2265.50, 2268 and 2273. Both sides goals may have to wait for next week. Wishing everyone who celebrates a very Merry Christmas!!! Markets are closed Monday.

Daily Chart:

 

Hourly Chart: