Princetontrader Futures Trading Education Daily Report April 18, 2017


The S&P Futures rallied off the Sunday night lows and traveled back to the Weekly Pivot at 2338.25 back mid-morning.  Bears failed to hold lower Bollinger Band, Daily Pivot and Weekly Pivot and allowed a close well above all those levels in the 2345/46 area.  As has been typical of this tape the Bulls were unable to hold their advantage overnight trading back to the 2334 area on the rumors of UK elections in June.  As we rally back from 34 the 2338-2341 area becomes critical.  For Bears it is an area where they could potentially find a lower high versus yesterday and a second chance to push lower and try to save the current lower band ride. (Daily lower Band is in the 2330 area.  Bulls need to have a replay of yesterday and push back over weekly pivot and squeeze shorts higher toward the 2348 Daily midband and attempt to convert that key area to shift the central focus from sell rallies to buy dips.

Monday's Post: "The S&P Futures lived up to their near perfect record of demonstrating excellent volatility and tradability while I am on vacation and not trading.  It was a fantastic week for directional opportunities.  The one consistent last week and the week prior was an inability to trade above and convert the daily midband.  The weight of the overall sell rallies environment with the help of news finally allowed price to engage with the lower Bollinger Band.  The bears should be able to begin a technical band ride Sunday night.  If that occurs the key to the early part of the week will be how price reacts to the new weekly pivot at 2338.25.  If the bears want to keep control the weekly pivot will act as resistance and new lows will be seen over the course of the week.  The initial task for the bulls would be to convert weekly pivot then attempt to convert the daily midband, the area which eluded them the past two weeks.  News will play a major role in who wins the week.  Trade accordingly."

Wednesday's Post: "The S&P futures enjoyed another volatile day testing the lower 2330s.  Bulls defended that area again so we find ourselves in the same price area that we have seen for the past 10 sessions (2333 – 2357).  This tape remains volatile and news driven so you must respect risk and resist the urge to overtrade. I am away on vacation this week and will update the written content as much as my spotty internet access will allow."