Princetontrader Futures Trading Education Charts of The Day March 7, 2017
The S&P Futures traded as low as 2367 on Monday as the Bears took advantage of the push down Sunday night. The dip buyers showed up during the morning turn and pushed price as high as 2377 area. Bears fought back and close below the 9 day sma on Globex for the first time since early February. That said, this places the Bears in the same situation they always find themselves in during an uptrend. The Bears must perform today. The Bears must follow through. The Bears don’t get to take a day off. Bears will want to spend the day below 2373 (9 day sma and current hourly midband)./ Bears have sealed the weekly pivot as resistance heading into the day. Now Bears must do the same with 2373 and break yesterday’s low of 2367. The Bulls want to defend 2367 and get back above 2373 and 2377. A close above the weekly pivot would give bulls the advantage for the rest of the week. Today is critical.