Princetontrader Futures Trading Education Charts of The Day November 29, 2016

The Bears pushed the S&P Futures lower yesterday and defended the 2209 area multiple times. The weak regular close gave Bears some hope that a retracement was underway. However, the overnight session shows the persistence of the dip buyers as 2198 held and weekly pivot/2203 again failed to be resistance. The Bears must close below yesterdays lows to get a retrace moving. Bulls must hold 2198 and trade over 2209 to get another squeeze going.

Daily Chart:

The Bears pushed the S&P Futures lower yesterday and defended the 2209 area multiple times.  The weak regular close gave Bears some hope that a retracement was underway.  However, the overnight session shows the persistence of the dip buyers as 2198 held and weekly pivot/2203 again failed to be resistance.  The Bears must close below yesterdays lows to get a retrace moving.  Bulls must hold 2198 and trade over 2209 to get another squeezer going.

Hourly Chart:

Here you can see the S&P Futures on an Hourly basis.  The majority of the overnight session was spent trying to convert the 2200.75 weekly pivot into resistance.  However, the 2198 area was just too much in the way of support and the Bulls successfully defended weekly pivot.  The Bears must find some push during the regular session.  Failure to stay underneath weekly pivot as we get into the second half of the week will have bullish consequences absent news.

Here you can see the S&P Futures on an Hourly basis. The majority of the overnight session was spent trying to convert the 2200.75 weekly pivot into resistance. However, the 2198 area was just too much in the way of support and the Bulls successfully defended weekly pivot. The Bears must find some push during the regular session. Failure to stay underneath weekly pivot as we get into the second half of the week will have bullish consequences absent news.