Princetontrader Futures Trading Education Charts of The Day February 9, 2017

The S&P Futures attempted to break below the range low yesterday with a move into the 2281 area.  As with most range trades it looked like it had a change to stay down but ultimately was a fantastic dip buy and we ground our way back to the range highs.  Bulls stalled at 2291/92 for most of the night before popping over the top to meet the range high again at 2294-96.  Today’s trade will hinge on whether the Bulls can finally push above the range and stay there.  Bulls will need a new all-time high and engagement with the upper Bollinger Band.  Bears will want to defend the range high and go after the weekly pivot again. Range trades require patience.  Too early and you will take unnecessary heat.