Princetontrader Futures Trading Education Charts of The Day January 18, 2017
The S&P Futures settled into a nice range trade yesterday between 2267.50 and 2257.00. This range reflects the range that has prevailed over the last dozen or so sessions of compression on the daily chart. The Weekly Pivot (2265.50) lays in between the edges of the zone but so far isn’t acting as support or resistance. The daily midband (approx. 2260) was not able to be converted by the bears on a closing basis so price closed above once again as it has for twelve sessions. The tasks for each side remain the same. Bulls must sustain a trade over 2270 and make a new all-time high in order to initiate a upper band ride. Bears want to convert 2257 and daily midband so they can make a run at the 2228 and 2195 area and a lower band ride.