Princetontrader Futures Trading Education Charts of The Day March 23, 2017
The S&P futures spent the day inside the channel between the second and third standard deviation lower Bollinger Bands. The third Standard Deviation Band provided support at the 2232 area. It marked the low in the morning turn area. From that area, we rallied to 2345 and the lower band on the Daily chart. We spent time above the second standard deviation lower band during the overnight session. This puts price able to make a more definitive rally. While price trades below the daily midband we remain in sell rallies mode. If the price action this week is indicative of a character change in the market, then this rally will be sold as result in a lower low. If, as in November, bear fail to defend key areas then we would be set up for a rally above daily midband that would put us in buy dips mode once again. It’s all about how the bears react.