Princetontrader Futures Trading Education S&P Futures Webcast February 7, 2017

The S&P Futures followed our game plan on Monday despite a tape devoid of much price action.  We said yesterday “. If weekly pivot does get tested today it will likely be support on the first attempt.  Any subsequent retest will be critical.”  The first test in the morning was support.  That set up a second test in the afternoon which was critical.  Price held the retest and established support. Bulls have used that support to retest the 2294 level.  If the bulls are going to engage the upper Bollinger Band and make a new all-time high 2294 must be converted.  If the Bulls cannot convert that will weigh heavy on price over the course of the week and Bears will be able to gradually take advantage of this hesitation. Bears need new Globex lows and a push below the weekly pivot and 9 day sma in order to begin to look like they have enough fuel to move down to the 2271.50 level