Princetontrader Futures Trading Education S&P Futures Webcast January 30, 2017
The Bears showed up for work on Friday and protected the prior All-time high of 2299.50 while trading below the prior day low early in the day. I mentioned to subscribers early during Friday’s regular session that the breach of the Thursday low opened the door to further downside. We also discussed that the most likely destination for that down move would be the new weekly pivot (2280.00). Bears pushed down to 2281 Sunday night be so far have gone no further. How price reacts to the daily pivot today is the most important take away from the day. Bulls must defend and Bears must convert. A conversion of weekly pivot opens up a test of the midband on the daily chart (2268 area). Bulls will need to trade back to the all-time high today in order to preserve the upper band ride. Holding the weekly pivot for the entire globex session puts that possibility on the table. The move off the regular open will be key.