Princetontrader Futures Trading Education Charts of The Day January 24, 2017
The S&P Futures tested s2 of the Daily pivot (2253.50) for the third time in January. For the third time that area held and price rejected higher back into our trading range. The bulls have no answer for a sustained trade above 2267.50. Bears have no answer for a sustained trade below 2260. The 2273 former all-time high has been reliable resistance and holding that area allowed price to slip back into the range. While we made no progress on longer term timeframes the range continues to provide some good opportunities. 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.