Princetontrader Futures Trading Education Charts of The Day December 5, 2016

The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target. As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more. 2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93. If that later of price remains resistance the the Bears have an opportunity at something deeper. If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band. That would open a retest of 2203. Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

Daily Chart:

The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target. As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more. 2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93. If that later of price remains resistance the the Bears have an opportunity at something deeper. If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band. That would open a retest of 2203. Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target. As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more. 2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93. If that later of price remains resistance the the Bears have an opportunity at something deeper. If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band. That would open a retest of 2203. Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

Hourly Chart:

Here you can see the reaction low at the daily mid-band and s2. Bears cannot allow that to be the week's low. You can weekly pivot above at 2195. That area coupled with 2191.50 represent the key price band for the week similar to 2203-2200.75 last week.

Here you can see the reaction low at the daily mid-band and s2. Bears cannot allow that to be the week's low. You can weekly pivot above at 2195. That area coupled with 2191.50 represent the key price band for the week similar to 2203-2200.75 last week.