Princetontrader Futures Trading Education Charts of The Day February 28, 2017

The S&P Futures made yet another new all-time high on Monday with three trips over the 2370 area.  The current “high of the moment” is 2370.75.  The key takeaway from yesterday’s regular session was that we got the test of weekly pivot that we were looking for and that again bulls won that battle.  Bulls touched the weekly then spent the morning defending higher lows against that area.  What followed is what we have seen so many times in the situation over the past 5-7 years.  Bears capitulate and bulls are able to take price to a new high.  We rinse and repeat and move on.  The market gets habitual and early week tests of weekly pivot have been a cornerstone of good trading tape action.  The fact that we tested the weekly pivot on Monday morning is indicative of a more volatile two-sided tape over the next month.  Tapes that test weekly pivot early in the week to establish which side has tape control behave better from a trading standpoint. This is encouraging in the face of a tape that has provided less intraday opportunities than we have seen in some time.