Princetontrader Futures Trading Education Charts of The Day March 15, 2017
The S&P Futures continue to battle over control of the daily midband. The tape yesterday was pretty sloppy after the initial move down. We had resistance at weekly pivot after bears avoided matching lows at 2362. However, what could have been a trend down day failed to follow-through when the s3 area at 2354 held and has set up a support area with the Friday low and 2354 and yesterday’s low at 2354.75. Bulls made a sloppy whippy grind higher from there. The weekly pivot had a chance to hold in the overnight session but it failed to be resistance so we find ourselves trading in the same area that we were yesterday. Today’s big deal in the Fed. Announcement at 2pm and a presser at 2:30pm. We are traders not economists so we trade what we see. We don’t game the Fed and make assumptions about what price will do after the announcement. Trade what you see. In the room, we will follow our method that has served us very well. Get a reaction range watch price and find the setup.