Princetontrader Futures Trading Education Daily Report November 28, 2016

MARKET VIEW

8:05 am ET  Webcast to follow. 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!!!"

Wednesday's Post: "Yesterday we discussed the likelihood of trading down to the old all-time high of 2191.50 in the webcast and the charts and indicated that turning that area from long time resistance into support was critical if the Bulls were going to maintain their advantage over the tape. We traded down to 2191.75 and made matching lows. From there we did new highs. As we head into the holiday the bulls need to continue to hold that levels and make higher highs gradually. The upper Bollinger Band has run away and hidden so the likelihood of a slight pullback within the next week is pretty likely. However, absent news I would expect that pullback to be muted."

Tuesday's Post: "Bulls did what was required on Monday by holding the RTH opening up as support and buying the morning dip. What followed was a grind higher that accelerated during last night's Globex. There are new all-time highs on Globex and in the cash. The Bulls will want to hold the old all-time high of 2191.50 as support and build upon the push to 2203. Bear will need to get back below the old high and close below today's regular open. Beyond that, absent news to fuel a down move, the bulls can continue to grind the tape higher."

 

PIVOT TABLE

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ES CHARTS

Hourly:

Here you can see the test of weekly pivot and 2203.  Where we close relative to that band of price 2200.75-2203) will determine who has the advantage early this week.

Here you can see the test of weekly pivot and 2203. Where we close relative to that band of price 2200.75-2203) will determine who has the advantage early this week.

Daily:

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.

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.