Princetontrader Futures Trading Education Charts of The Day January 23, 2017
The S&P Futures tried to break out of the range on Friday but the 2273 are held in price. The 2273 former all-time high has been reliable resistance and holding that area allowed price to slip back into the range. Last night’s Globex found resistance at the new weekly pivot (2266.6) and traded back to the bottom of the range 2258 before bouncing. While we made no progress on longer term timeframes the range continues to provide some good opportunities. The 2267.50 area remains resistance and held through the overnight session. Each side wants to accomplish their goals. Bulls sustain a trade over 2273 and make a new all time high to initiate an upper band ride. Bears want to convert weekly pivot and daily midband (2260s) and test lower support areas. Compression continues on the daily chart. Resolution will come in time. Until then take advantage of what the market is giving you.