Princetontrader Futures Trading Education Charts of The Day February 3, 2017

The S&P Futures continue to battle on either side the key price area of 2275-2280.  Neither side can convert.  Bears had yet another look at the 2263/64 area yesterday and price bounced just as it has with the other three moves to test.  Bulls had nothing over the 2280 weekly pivot and have failed to get above again during last night’s Globex session.   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).  The optimist in me is viewing the upcoming Jobs Report as the potential tie breaking catalyst that gives the tape a decisive direction into next week.  The proof is in the pudding so I’ll wait to see what price does.  Bulls must solve 2280, Bears must solve 63/64.  Have a great weekend!