Princetontrader Futures Trading Education Charts of The Day February 1, 2017
The S&P Futures spent a second day battling over the Daily midband (20 day sma). Bears have been able to trade below that key area during both sessions but were unable to hold those lows. Yesterday’s final attempt to convert 2263/64 failed and resulted in a squeeze up into the regular close. The new monthly pivot (2275.08) proved to be overnight support. Resistance is in the area on the weekly pivot (2280). The key to today, and perhaps the rest of the week, is which side can convert the price band of Monthly/Weekly Pivot (2275-2280). Win that band…win the day.