Princetontrader Futures Trading Education S&P Futures Webcast February 21, 2017
The S&P Futures finally ended their upper Bollinger Band ride on Friday. That said, the Bears have done nothing to assert themselves since and have allowed the Bulls to run up to a new all-time high of 2356.75 in the Globex session. Europe has been notorious for stealing key highs and lows over the past 5 years so I will be interested to see how the 2356.75 high holds up over the course of the week. The 2356.75 high was intact through the holiday Globex session as well as the Monday overnight. There was no regular session on Monday so the pivot and support tables are valid through Tuesday’s close. The Bears are in jeopardy of falling victim to what I have termed over the years a “secondary band ride.” A secondary band ride is when we have a band ride up or down and price take a short respite from engaging the band (one session, two at most) then reaching back for the band a reengages starting a second band ride. These band rides tend to be ferocious short squeezes or down flushes as top callers/bottom pickers load up and feel as though they are in the clear. They’re wrong and the exits are fast and furious driving price in the direction of the trend. We are at risk for that dynamic this week if the Bears fail to fight back. European high vs secondary band ride…that’s this weeks battle.