Princetontrader Futures Trading Education Charts of The Day March 3, 2017
The S&P Futures retraced some of the gains made on Wednesday. Bears have a unique opportunity to follow through on a prior days showing and attempt to isolate the 2401 high headed into next week. The key to this would be a close below the 9 day sma (approximately 2370). The 9 day sma has been firm support lows on February 24th and February 28th. Bulls want to defend the Globex low and make a run back into the 2386 area. The key to watch today is whether rallies are sold. We rallied in the premarket to 2380. 2380 is the hourly midband which we identified a few weeks ago as an area that when viewed on the chart as consistent resistance will be a tell for a more volatile, more two sided market. That makes the hourly midband something to keep an eye on today.