Princetontrader Futures Trading Education Charts of The Day February 22, 2017

The S&P Futures placed a secondary band ride on the table after the Bulls ran price up off the open and then back to the new all-time high of 2365 at the close.  Bears have fought back against that area nicely since and must continue to do so in order to prevent what is a likely short squeeze to 2400 if Bulls can engage the upper band again today worth a trade to approximately 2370.  Bears need to keep the pressure and attempt to convert the weekly lows at 2349/50.  If Bears can manage that then solid support from last week awaits, along with the weekly pivot, at 2336/37.  This overnight dip must be assumed to be a buy until proven otherwise.  Those assumptions have kept you on the correct side of the trade much more often than not.  Volatility continues to be low.  We have gone 45 trading sessions without at 1% intraday move.  That’s a new record by 9 days.  We continue to live in interesting times.  This is why I tell subscribers that this is a difficult tape and a frustrating tape to trade.  It’s not you…it’s the tape.