Princetontrader Futures Trading Education Charts of The Day March 20, 2017
The S&P Futures moved up to the 2382 resistance area and formed what could potentially be a double top. The Bulls continue to defend support at their daily midband/9 day sma (2369/70). The new weekly pivot comes in at 2373.60 along with the pre-FOMC price of 2372. This setup up a key zone of price between 2369 and 2373. The ability of one side of the other to convert that price zone to their advantage sets them up and being able to control the tape for the week. Bear conversion would mean a conversion of weekly pivot, 9 day sma and daily midband. Bulls conversion would hold support and those levels. The targets for price after an advantage has been established would be the upper/lower Bollinger band.