Princetontrader Futures Trading Education Charts of The Day February 17, 2017

The S&P Futures continue to be in Upper Bollinger Band ride mode for the moment.  We are beginning to see some character shifts that may no spell the end of the rally but certainly the end of the band ride.  We have discussed at length the relationship between tape control and the hourly midband.  For the first time yesterday price spent more time below that area than above.  If the dynamic is the classic shift of a level from support to resistance then look for some time above the hourly midband early in the regular session with the bulls being unable to hold the level and bears being able to push below the 2336.50 key area (Thursday’s low).  The Bandwidth begins the day at 4.53  which is just above the 4.5 area we have discussed the last few days as a place to begin looking for a turn.  The bulls will need to print new all-time highs today in order to maintain the band ride as Bulls find themselves for the first time in the last five sessions without the luxury of a Globex opening band touch.  This means the pressure shifts from bears to bulls as far as performance.  Expecting a very interesting day headed into next week.