Princetontrader Futures Trading Education S&P Futures Webcast April 19, 2017
The S&P Futures battling over the 2338 level. Each side attempted to break the market in their direction. The Bears pushed down to 2330.25 and the Bulls to 2344.50. Overall the tape was sloppy (most battles over key inflection points are sloppy) and the cash close landed at 2338.25 – the weekly pivot. One tick from the weekly pivot. As we head into Wednesday the key will be whether the bulls can break over the 2344-48 level. This is an area that has held price in all week and has prevented the Bulls from converting the daily midband (2348 area). Conversion of the daily mid band for the second session this week would hand the Bulls an advantage for a more directional trade Thursday and Friday. The Bears need to create some momentum. We opened on the lows Sunday night and apart from creating a higher low at the daily Lower Band on the move to 2330.25 the price cation has been all Bulls. This has been a traditional recipe for how the Bears lose control of the tape. If we are seeing true character change in this market then Bears assert themselves again in the 40s and we do another lower low below 2322.75.