Princetontrader Futures Trading Education Charts of The Day January 31, 2017
The Bears converted the weekly Pivot on the S&P Futures at 2280.00. The pushed down to the 2263 area before yielding a bounce back above the daily mid band (20 day sma). Globex has been a two way battle with the focus being on the daily midband again. Today that is essentially the 2270 level. Bulls have consistently defended the area. If Bears convert daily mid band then it opens a move to the lower band. If bulls defend and get back over the 228o that opens a potential retest of highs. Bears were in a good position for lower prices. How today reacts will be very telling.