Princetontrader Futures Trading Education Charts of The Day February 14, 2017
The S&P Futures continue to be in Upper Bollinger Band ride mode. The Bandwidth begins the day at 3.31 so there is room for more expansion. This means we remain in buy dips mode. The market provided only small fleeting dips yesterday but they we buys for those who were quick and decisive. As we head into Tuesday the advantage remains with the Bulls. We printed a new all-time high yesterday at 2319. The 2323/24 area has held as support and the hourly mid band didn’t convert to resistance in the overnight. Daily pivot provided level support at 2323. If the Bears are going to make any headway to the downside bother the hourly midband and the daily pivot will need to convert. That would set up a down move to fill the cash gap the 2316 SPX. You have to assume that move would be a dip to buy. I’m expecting more of a pronounced morning dip today. That should be viewed as an opportunity to get long . If bears press lower than the ultimate test would be at weekly pivot/last week’s lows (2303).