Princetontrader Futures Trading Education Daily Report May 3, 2017

MARKET VIEW

The S&P Futures spent the day drifting and chopping between the weekly pivot below and the 2388.75 above.  The market appears to be waiting for today’s Fed Decision at 2pm.  Bears need to convert 2377-2379.  Bulls need to convert 2395 and 2401.

Tuesday's Post: "The S&P Futures completed the upper band ride yesterday and now are stuck waiting on two significant data points – the FOMC tomorrow and the Jobs Report on Friday.  Bulls have yet to convert the 2394.75 lower high from April and the Bears tested but could not convert the 2379.90 weekly pivot.  Until one of those levels is converted we will continue to trade in a tight range while we wait on the catalyst."

Monday's Post: "The S&P Futures continue on an upper band ride.  Price made matching lower highs at 2388.75 last week and the pre-market push from the 2377 low (2375-79 support zone has held the past two tests) will need to get above 2388.75 this morning and open a test of 2394.75.  Failure to do so will keep the bearish argument that bulls are price/momentum exhausted alive and sets up a test of the new weekly pivot at 2379.9.  Bulls still have one job on the upside…a new all-time high.  Anything less leaves them exposed."

Friday's Post: "The S&P Futures didn't make much progress on Thursday.  Bulls held the 2375-2379 support area we discussed yesterday pre-market.  However, Bulls failed to press that advantage.  Bulls need to convert 2394.75 and make a move toward 2401.  Bears must try to keep price away from the upper band and convert 2375-2379.  Have a great weekend!"

Thursday's Post: "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."

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