Princetontrader Futures Trading Education Daily Report January 24, 2017

MARKET VIEW

7:15am ET  Webcast to follow.

The S&P Futures tested s2 of the Daily pivot (2253.50) for the third time in January.  For the third time that area held and price rejected higher back into our trading range.  The bulls have no answer for a sustained trade above 2267.50.  Bears have no answer for a sustained trade below 2260.  The 2273 former all-time high has been reliable resistance and holding that area allowed price to slip back into the range.  While we made no progress on longer term timeframes the range continues to provide some good opportunities.  Each side wants to accomplish their goals.  Bulls sustain a trade over 2273 and make a new all time high to initiate an upper band ride.  Bears want to convert weekly pivot and daily midband (2260s) and test lower support areas. Compression continues on the daily chart. Resolution will come in time.  Until then take advantage of what the market is giving you.

Monday's Post: "The S&P Futures tried to break out of the range on Friday but the 2273 are held in price.  The 2273 former all-time high has been reliable resistance and holding that area allowed price to slip back into the range. Last night’s Globex found resistance at the new weekly pivot (2266.6) and traded back to the bottom of the range 2258 before bouncing.  While we made no progress on longer term timeframes the range continues to provide some good opportunities.  The 2267.50 area remains resistance and held through the overnight session.  Each side wants to accomplish their goals.  Bulls sustain a trade over 2273 and make a new all time high to initiate an upper band ride.  Bears want to convert weekly pivot and daily midband (2260s) and test lower support areas. Compression continues on the daily chart. Resolution will come in time.  Until then take advantage of what the market is giving you."

Friday's Post: "The S&P Futures spent yet another day in the range (2257.00-2268.00).  Bears traded as low as the 2253 area but that move way ultimately rejected and we have subsequently traded back to the 2267/68 range top.  While we made no progress on longer term timeframes the range continues to provide some good morning opportunities.  The 2267.50 area remains resistance and held through the overnight session.  Each side wants to accomplish their goals.  Bulls sustain a trade over 2270 and make a new all time high to initiate an upper band ride.  Bears want to convert weekly pivot and daily midband and test lower support areas. Compression continues on the daily chart. Resolution will come in time.  Until then take advantage of what the market is giving you."

Thursday's Post: "The S&P Futures spent another day in the range (2257.00-2268.00).  While we made no progress on longer term timeframes it did provide some good morning opportunities.  The afternoon trade was basically a 4 handle chop range with a small reach to the upper end of the range at the close. The 2267.50 area remains resistance and held through the overnight session.  Each side wants to accomplish their goals.  Bulls sustain a trade over 2270 and make a new all time high to initiate an upper band ride.  Bears want to convert weekly pivot and daily midband and test lower support areas. Compression continues on the daily chart. Resolution will come in time.  Until then take advantage of what the market is giving you."

Wednesday's Post: "The S&P Futures settled into a nice range trade yesterday between 2267.50 and 2257.00.  This range reflects the range that has prevailed over the last dozen or so sessions of compression on the daily chart.  The Weekly Pivot (2265.50) lays in between the edges of the zone but so far isn’t acting as support or resistance.  The daily midband (approx. 2260) was not able to be converted by the bears on a closing basis so price closed above once again as it has for twelve sessions.  The tasks for each side remain the same.  Bulls must sustain a trade over 2270 and make a new all-time high in order to initiate a upper band ride.  Bears want to convert 2257 and daily midband so they can make a run at the 2228 and 2195 area and a lower band ride."

CHARTS OF THE DAY

PIVOT TABLES