Princetontrader Futures Trading Education Daily Report December 5, 2016

MARKET VIEW

12:25 am ET  No Webcast Today - traveling.  The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target. As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more. 2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93. If that later of price remains resistance the the Bears have an opportunity at something deeper. If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band. That would open a retest of 2203. Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

Friday's Post: "Bears converted the key price area of 2203-2200.75 and closed below the prior all-time high and November double bottom at 2191.50. Bears need to survive this week's main catalyst the jobs report and attempt to close below 2191.50. Bulls want a positive jobs reaction and a close above 2203."

Thursday's Post: "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."

 

PIVOT TABLE

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ES CHARTS

Daily Chart:

The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target.  As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more.  2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93.  If that later of price remains resistance the the Bears have an opportunity at something deeper.  If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band.  That would open a retest of 2203.  Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

The Bears did what we annotated on the chart Friday and opened the Sunday night session on out Daily mid-band target. As we head into a new week the key issue is was the daily mid-band the extent of the pullback or do the Bears have more. 2191.50 remains a critical level on the chart and it is bolstered with a new weekly pivot of 2194.93. If that later of price remains resistance the the Bears have an opportunity at something deeper. If we breach the weekly pivot and convert that level to support then the short term low may be in here at daily mid-band. That would open a retest of 2203. Until the daily mid-band is breached we remain in buy dips mode on longer term time frames.

Hourly Chart:

Here you can see the reaction low at the daily mid-band and s2.  Bears cannot allow that to be the week's low.  You can weekly pivot above at 2195.  That area coupled with 2191.50 represent the key price band for the week similar to 2203-2200.75 last week.

Here you can see the reaction low at the daily mid-band and s2. Bears cannot allow that to be the week's low. You can weekly pivot above at 2195. That area coupled with 2191.50 represent the key price band for the week similar to 2203-2200.75 last week.