Princetontrader Futures Trading Education Charts of The Day March 29, 2017
The S&P futures continued their rally yesterday by holding daily pivot as support off the open and marching to the weekly pivot at 2351.67. This was one of the key upside tests that we have been discussing and bulls converted the weekly which started a second leg up into the 2360 area. The daily midband was not tested and price has retreated to the weekly pivot this morning after retesting the 56-58 area off Europe open. The key to today will be weekly pivot. Bulls must create solid weekly pivot support. We remain technically in a lower band ride and the bear will have a lot of work to do today to maintain contact with the daily lower Bollinger Band at 2333. Should weekly pivot prove to be support the natural location of a move higher is 2362 daily midband. That would set up a showdown over what would be viewed as a double top if midband held. If Bulls convert daily midband then we find ourselves in a buy the dips market. Don’t fight price. If price wants to rally be long. Respect your risk.