Princetontrader Futures Trading Education Charts of The Day March 13, 2017
The S&P Futures successfully held the daily midband last Thursday and Friday. That coupled with support at the new weekly pivot has made for a decent rally this morning up to the area of the 9 day sma. Bulls want to convert the 9 day sma and gain control of the tape. Conversion of the 9 day opens up a potential test of the 2400 area this week. Bears need to fight back and make a lower low below 2354 in order to have the move viewed as a bear market rally. If bear could achieve that we would find ourselves in a sell rallies tape. Until that occurs the lean is to buy dips.