Princetontrader Futures Trading Education Charts of The Day February 10, 2017
The S&P Futures solved the range battle yesterday with the Bulls breaking above the 2295/96 range top. As discussed the Bulls were able to print a new all-time high and engage the Upper Bollinger Band on the daily chart. A second touch of the upper Bollinger band during today’s Globex session has started another potential upper band ride. Bulls will need to follow through to the upside today. It is typical for Thursday trends to continue into Friday so Bulls walk into the day with a clear advantage. The victory by the Bulls follows multiple unsuccessful attempts by the Bears to convert weekly pivot (2282.4). Bears were only going to get so many chances to break down from the range before the constant trade above daily midband would eventually lead to another all-time high. The Bears need to try to make some type of progress today. That doesn’t commence until daily pivot is converted in the 2299 area.