Princetontrader Futures Trading Education Charts of The Day March 30, 2017
The S&P futures continued their rally yesterday. Things played out as we discussed yesterday: “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.” This is where we are. Bears are currently defending the daily midband after last night’s touch. However, that means little unless Bears convert weekly pivot as well. If weekly pivot is confirmed as support, then another mid band test is likely. Break weekly pivot and convert opens a decent amount of downside both today and tomorrow. It has been a good week and a good month. Let’s focus on solid setups and protect March.