Princetontrader Futures Trading Education Daily Report November 29, 2016

MARKET VIEW

8:05 am ET  Webcast to follow. 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!!!"

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."

 

PIVOT TABLE

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ES CHARTS

Hourly:

Here you can see the S&P Futures on an Hourly basis. The majority of the overnight session was spent trying to convert the 2200.75 weekly pivot into resistance. However, the 2198 area was just too much in the way of support and the Bulls successfully defended weekly pivot. The Bears must find some push during the regular session. Failure to stay underneath weekly pivot as we get into the second half of the week will have bullish consequences absent news.

Here you can see the S&P Futures on an Hourly basis. The majority of the overnight session was spent trying to convert the 2200.75 weekly pivot into resistance. However, the 2198 area was just too much in the way of support and the Bulls successfully defended weekly pivot. The Bears must find some push during the regular session. Failure to stay underneath weekly pivot as we get into the second half of the week will have bullish consequences absent news.

Daily:

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 squeezer going.

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 squeezer going.