Princetontrader Futures Trading Education Charts of The Day December 6, 2016

The S&P Futures tested their Daily Mid band on Sunday night's open and traded above the new Weekly pivot (2195). Resistance was found at 2209 but 2199 regular session low held during the overnight. As long at 2199-2195 holds we are in buy dips mode. Bulls will need to push over 2209 today and make a new all-time high if Bulls want to keep the pressure on the Bears. Bears need to convert weekly pivot and try to get back to the daily mid band. If that scenario plays out then matching lows or another successful defense of daily mid band will have to be avoided. That scenario would embolden dip buyers and likely put Bulls in control for the rest of the week.

Daily Chart:

The S&P Futures tested their Daily Mid band on Sunday night's open and traded above the new Weekly pivot (2195).  Resistance was found at 2209 but 2199 regular session low held during the overnight.  As long at 2199-2195 holds we are in buy dips mode.  Bulls will need to push over 2209 today and make a new all-time high if Bulls want to keep the pressure on the Bears.  Bears need to convert weekly pivot and try to get back to the daily mid band.  If that scenario plays out then matching lows or another successful defense of daily mid band will have to be avoided.  That scenario would embolden dip buyers and likely put Bulls in control for the rest of the week.

Hourly Chart:

Here you can see the reaction low at daily mid band as well as weekly pivot at 2195.  2199-2195 needs to hold. It is this week's key price band.

Here you can see the reaction low at daily mid band as well as weekly pivot at 2195. 2199-2195 needs to hold. It is this week's key price band.