Princetontrader Futures Trading Education Daily Report April 26, 2017


The S&P Futures continue on an upper band ride.  This places us in pure dip buy mode.  Bulls converted the 2375 -2378.75 area which represented various reaction highs. Bulls can now attempt a retest of the all-time high at 2401.  The bears want to take out yesterday’s low of 2368.25 and begin to chip away and the bulls advantage.  It is hard to buy dips in this environment but until it stops being profitable it is the way to be profitable.

Tuesday's Post: "The S&P Futures have begun an upper band ride.  We are engaging the 2375 -2378.75 area which represents various reaction highs. If the bulls can convert that price zone they can attempt to push higher with the band ride and attempt a retest of the all-time high at 2401.  The bears want to take out yesterday’s low of 2365.50 and begin to chip away and the bulls advantage."

Monday's Post: "The S&P Futures gapped up 30 handles off the election results from France.  Gaps are tricky.  I faded this one as I fade most for a small profit but I’m flat and waiting for the regular session.  The prior resistance area of 2366/67 held as support into the Europe open and allowed price to make a higher high.  If the 66/67 area can hold all day then the bulls will ultimately remain in control.  We have also engaged the upper band.  Should we spend the entire day above the daily midband we will find ourselves in a buy dips market once again.  As for intraday trading, I will be focusing on the 5 minute mid band as a test of who has the very short term advantage."

Friday's Post: "The S&P Futures broke above the daily midband and closed above.  This is the first major attempt to convert that level since April 5th when 2375 was rejected.  We discussed in yesterday’s webcast how the Bears were running out of opportunities to make lower lows and that the Bulls were running out of time to convert the daily midband.  The higher lows seen since Sunday night gave the directional nod to the Bulls.  The Bulls must follow through on yesterday’s action.  The Bears want the rejection and reversal.  Today sets up next week.  Watch your risk and go with the flow.  Don’t choose sides. Let the winning side chose you."

Thursday's Post: "The S&P Futures tested the daily midband on Wednesday and the test proved to be resistance yet again and resulted in a move back to the lower 2330s.  The 2330 area continues to hold as support and you can see on this morning’s hourly chart that the Bulls continue to create higher lows off the Sunday night opening low of 2322.75.  The Bears must take advantage to the Bulls inability to convert daily midband and take out the Sunday night low this week.  A failure to do so will put the Bulls in a better position to convert daily midband and make a move back to the 2374-77 area.  The 2338.25 weekly pivot remains the battleground."