Princetontrader Futures Trading Education Charts of The Day February 6, 2017
The S&P Futures battled at last week over two key levels. On the support side was the daily midband(20 day sma) which was tested every session but Bears were unable to close below that level. On the resistance side was the price area between the monthly and weekly pivots (2275-2280). On Friday after the jobs report the Bulls were able to move above 2280 and stay there for an entire session. As we begin the new week we find ourselves on the verge of another attempt at an upper Bollinger Band ride. Bulls need a solidly green day and some follow through. This will push more weak shorts out of their positions and start a push toward the current all-time high of 2299.50. Bears need new Globex lows and a push below the daily pivot in order to begin to look like they have enough fuel to move down to the new weekly pivot at 2282.4. If weekly pivot does get tested today it will likely be support on the first attempt. Any subsequent retest will be critical.