Princetontrader Futures Trading Education Charts of The Day February 2, 2017
The S&P Futures ran as high as 2285 off the open. This proved to be a false breakout and the Bears proceeded to take back the key price area of 2275-2280 and hold it the entire session. Once again price traded below the daily midband but bears couldn’t hold daily pivot on a closing basis. The key to the overnight trade has been the retest of the 2275 area (monthly pivot). Bears held that are and have pushed back down as low as 2264.50. 2263/64 has been support since January 30th so a conversion of that area on a closing basis opens a test of the daily lower Bollinger Band (2251-2253). Should bears fail to convert 2263/64 it would open up a test of 2275 again.