Princetontrader Futures Trading Education Daily Report December 1, 2016

MARKET VIEW

8:25 am ET  Webcast to follow. The S&P Futures had a couple of potentially key developments on Wednesday. First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214. The high was made early in rth and held up the rest of the session and overnight. It hasn't been challenged. Instead we spent the day battling again over the key price band (2203 - 2200.75). The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well. Bears are doing every step necessary to effect a deeper retracement. Bears need to keep executing from here. The next support area is the 2191.50 floor (old all-time highs and matching lows). Below 2191.50 would open a move to the daily midband. Bulls must retrace the damage done yesterday and retake the highs. This subjectively seems to be the more difficult task today but never count the Bulls out.

Wednesday's Post: "The S&P Futures continue to trade between the 2112 - 2209 area on the upside and the 2200.75 weekly pivot area on the downside. Bears have breached 200 twice this week but have failed to hold their advantage. The key price area of 2200.75-2203.00 was tested last night and held again by the Bulls. The typical scenario from here would be to be fairly directional the rest of the week with the Bulls having the clear advantage. That means more buying of dips and more new all-time highs. The 2214 area is open for a test. Should we continue to stall at 2209/10 then a more range bound trade would follow. There would be nice two sided opportunities there."

Tuesday's Post: "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."

Monday's Post: "As we get the S&P Futures back on a normal schedule this week the key levels remain the same. Both 2203 and 2191.50 are key support areas that Bulls converted last week. The 2203 and new weekly pivot (2200.75) were both tested in the overnight Globex session. Price is currently holding above but I'm looking for a retest of the Globex low at a minimum in the regular session. The Bulls will want the buy the dip mentality to continue and reach back for yet another higher high over 2211.75. Bears must convert support areas and key levels. A close today below 2200 would be a nice start."

Friday's Post: "For today's shortened session the S&P Futures want to convert old resistance at 2203 into support similar to how 2191.50 was converted. This is basically the next step. It's a short day, a Friday and a thin environment - all of those factors traditionally favor the bulls. Caution today in this low volume environment."

Thursday's Post: "2191/92 has established itself as a floor after being the launching point for two consecutive morning lows. The Bulls need to hold that area and convert 2203 next. Above that is 2214. Bears need 2203/04 to stay resistance and hope (yes hope - it's all bears have left) that over time they can muster a hard push down below 2191.50 that sticks. Happy Thanksgiving!!!"

PIVOT TABLE

120116pvt

ES CHARTS

Hourly:

The landscape hasn't changed.  Win the 2203-2200.75 area and you control the tape.  This is the bears to lose.

The landscape hasn't changed. Win the 2203-2200.75 area and you control the tape. This is the bears to lose.

Daily:

The S&P Futures had a couple of potentially key developments on Wednesday.  First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214.  The high was made early in rth and held up the rest of the session and overnight.  It hasn't been challenged.  Instead we spent the day battling again over the key price band (2203 - 2200.75).  The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well.  Bears are doing every step necessary to effect a deeper retracement.  Bears need to keep executing from here.  The next support area is the 2191.50 floor (old all-time highs and matching lows).  Below 2191.50 would open a move to the daily midband.  Bulls must retrace the damage done yesterday and retake the highs.  This subjectively seems to be the more difficult task today but never count the Bulls out.

The S&P Futures had a couple of potentially key developments on Wednesday. First, the Bulls made a new all-time high but did so one tick below a key resistance area 2214. The high was made early in rth and held up the rest of the session and overnight. It hasn't been challenged. Instead we spent the day battling again over the key price band (2203 - 2200.75). The bears closed below the 2200.75 weekly pivot and spent the overnight Globex below weekly pivot as well. Bears are doing every step necessary to effect a deeper retracement. Bears need to keep executing from here. The next support area is the 2191.50 floor (old all-time highs and matching lows). Below 2191.50 would open a move to the daily midband. Bulls must retrace the damage done yesterday and retake the highs. This subjectively seems to be the more difficult task today but never count the Bulls out.