Princetontrader Futures Trading Education Charts of The Day February 24, 2017
The S&P Futures had two different days yesterday. The morning belonged to the bears who took price down to the s2 support area and made matching lows at 2353. We discussed 2355 as a key support area in yesterday’s premarket content and once 2355 could not be sealed as resistance after the bounce the bulls were able to take price back to the 2365 area. Overnight we saw a failure at the daily pivot/hourly midband (2361) which took us to a lower low versus yesterday. If we continue to see lower low Bears will have an opportunity to close price below the 9 day sma for the first time since 2/2. Bulls need to defend 2349/50 and get back over 61. The secondary band ride has ridden off into the sunset. A range trade is on the table, especially with yesterday’s price action. If the low 50s hold and we head back to 64/65 we have likely found our range.