The S&P Futures had a volatile first day of 2017 with some really nice price action. The Bulls were unable to hold the morning highs and bears took advantage pushing price below the 2244.67 weekly pivot. However, in typical bear fashion price failed to establish weekly pivot resistance and the squeeze was on into the close. Bulls have continued to push up in the overnight trading as high as 2257. Bears must continue to defend moves to the 2260 area and if given the opportunity to push below need to convert daily mid-band/weekly pivot. Failure to do so will leave the market in a buy dips position and Bulls will walk things higher the rest of the week.
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