Princetontrader Futures Trading Education Charts of The Day December 29, 2016

The S&P Futures put in the entire key range during yesterdays session. Bulls made a final failed attempt to convert the range top of 21267.50 to resistance and once the 2260.27 weekly pivot was converted took price down to the range low of 2247. In the overnight session price tested the 2243 post-FOMC reaction low as well as the daily mid band (2244). Bulls need this potential double bottom area to hold and must mount a push back to weekly pivot and then convert that pivot to support. Bears must convert 2242/43 and mid band to resistance during today's session. If successful then bears can move down toward 2203. There is little support beyond 2243 on my chart so bears can gain some momentum downward if they can execute. Don't forget the holiday week. We could just chop here in a 4 handle range all day long. Don't overtrade, use stops, manage risk and size.

Daily Chart:

Hourly Chart: