Princetontrader Futures Trading Education Daily Report November 30, 2016

MARKET VIEW

8:25 am ET  Webcast to follow. 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."

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!!!"

 

PIVOT TABLE

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ES CHARTS

Hourly:

Here you can see the clear higher low that was established overnight at the weekly pivot.  Bulls need this price area battle to be over and start to work on grinding to new highs.  Bears want the 2210 area to stall and find some momentum to get back below 2196.

Here you can see the clear higher low that was established overnight at the weekly pivot. Bulls need this price area battle to be over and start to work on grinding to new highs. Bears want the 2210 area to stall and find some momentum to get back below 2196.

Daily:

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.

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.