The S&P Futures spent Monday fighting over the old range top at 2267.50. Both sides tried to assert themselves but neither had the will to finish the job. The Bears pushed price below the weekly pivot (2262.7) to as low as 2259.50 but were unable to hold that level once Europe opened. We are technically on an upper band ride as we have engaged the upper band on the daily for two consecutive sessions. Bulls must print new all-time highs and initiate a squeeze if they are going to take advantage of the compressed bands and get the upside expansion they desire. Bears must do what they always need to do: convert weekly pivot and daily mid-band on a closing basis and then follow through to open up the Bollinger bands downward. That creates a 2277 high and starts a nice pullback. That's much easier said than done. Today will be about the same band of price as Monday. 2262.70 - 2267.50 - win the price area...win the week and maybe the month.
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