Princetontrader Futures Trading Education Charts of The Day December 9, 2016

As the S&P Futures make the transition from the December 2016 to the March 2017 Contract expect some fairly whippy trading today. Any intraday issues related to the roll are usually minimal in recent years. Today is pretty straightforward. We are in an upper band ride. That band ride will carryover into Monday as we have already touched the daily upper band during globex. Bulls want to preserve yesterday's low and ideally keep the grind higher moving. Bears are due for a slight retracement but looking for that on a Friday can be tough. Bears will not get any serious attention until they break and ideally close below the prior day low. Bears need a new weekly pivot in order to have a key level in reach of conversion today. This has been a typical week where one side loses the Daily mid band battle immediately then the weekly pivot after that. Once those levels are conceded and established as support/resistance the consequences are usually dire for the loser.

Daily Chart:

As the S&P Futures make the transition from the December 2016 to the March 2017 Contract expect some fairly whippy trading today.  Any intraday issues related to the roll are usually minimal in recent years.  Today is pretty straightforward.  We are in an upper band ride.  That band ride will carryover into Monday as we have already touched the daily upper band during globex.  Bulls want to preserve yesterday's low and ideally keep the grind higher moving.  Bears are due for a slight retracement but looking for that on a Friday can be tough. Bears will not get any serious attention until they break and ideally close below the prior day low.  Bears need a new weekly pivot in order to have a key level in reach of conversion today.  This has been a typical week where one side loses the Daily mid band battle immediately then the weekly pivot after that.  Once those levels are conceded and established as support/resistance the consequences are usually dire for the loser.

Hourly Chart:

120916-hourly