Princetontrader Futures Trading Education Charts of The Day March 22, 2017

The S&P futures experienced the best bearish price action we have seen since election night.  The day started with a push higher after repeated pre-market support at the weekly pivot followed by a false breakout that stalled at 2378.75.  This stall turned into a hard break of weekly pivot which accelerated 20 handles before resting momentarily at the 2354 double bottom area.  Another hard break of 2354 opened a hard leg down to the 2340 area.  The Bears we able to engage the daily lower Bollinger Band.  The close below the Bollinger Band has created a lower Bollinger Band ride.  Typically, in these situations you will see the lower Bollinger Band act as resistance for the next 1-3 sessions.  Bears have had a big day but the challenge now will be to hold the bear market rallies at bay and turn the tape into a sell rallies environment.  The tape can remain sell rallies if we continue to close below the daily mid-band.  The Bulls will need to try to fight back slowly.  Any long trade is a counter-trend trade until Bulls can close above the lower Bollinger Band.