Princetontrader Futures Trading Education Charts of The Day March 2, 2017

The S&P Futures spent yesterday punishing the Bears for failing to take advantage of opportunities early in the week to convert the weekly pivot at 2261.10.  After the President’s speech Tuesday night failed to pull the tape back Europe opened and took the market higher, that price action continued into our regular session propelling price to 2401.  As we get into the day after the key will be where is support on a pullback.  2389.50 is the best candidate currently as we have matching lows in that area on Globex.  Bears would need to convert 2389 then 2370 and make a run at the 9 day sma to be able to gain any real traction.  Bulls engaged the upper Bollinger band yesterday and would need to do so again in order to start another band ride.  That would take 2408-2412.  A tall order but achievable if Bears cannot hold key levels as resistance.