Princetontrader Futures Trading Education S&P Futures Webcast February 27, 2017
The S&P Futures pulled back Friday into a fairly classic dip buy scenario and spent the majority of the day chopping around the 56-57 area before heading back to 2365 into the close. If we are to end up in the range trade/consolidation at highs that I’m looking for we should migrate back to the mid to low 2350s over the next 1-2 sessions. The new weekly pivot is in the 2359 area and would be a natural area to be tested early in the week per usual. Support at weekly pivot in an up trending market means more of the same regarding dip buying and grinding higher over the course of the market day. A conversion of the weekly pivot gives the bears some fuel to test the 9 day sma. Major support remains at 2349/50 and 2336/37. Bulls are watching the daily upper band run away from them. Their best hope is defending all dips and pushing back to the higher end of these ranges and patiently waiting for another leg up.