Princetontrader Futures Trading Education Daily Report April 27, 2017
The S&P Futures continue on an upper band ride. While we remain in buy dips mode there is a potential for yesterday’s high of 2394.75 to act as a short term lower high. Should we pullback the 2375-2379 and 2365-2367 areas will be critical support zones that Bulls want to defend and Bears want to convert. Bulls have one job on the upside…a new all-time high. Anything less leaves them exposed.
Wednesday's Post: "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."