Princetontrader Pivot Report November 18, 2016

MARKET VIEW

7:05 am ET  Webcast to follow. The Bulls pressed their advantage right off the regular open with a hard push higher. Bulls never looked back and were able to print a new contract high for December at 2185.50. As we head into Friday's session we've seen a minor pullback to the 2177 area. Bulls will need to keep up the pressure and push toward the continuation high 2191/92 and the upper Bollinger Band. If the bears are going to mount any threat at all they must convert 2177 and 2170.

Thursday's Post: "Yesterday was spent chopping around 2170-2172 without much opportunity for a trade that would really move. With all the volatility this month a couple days of chop is expected. The same set of rules apply for today as yesterday. 2170-72 is the key price zone. Bulls want to keep it as support and move toward the continuation high at 2191/92 and engage the upper Bollinger Band. Bears wants to convert 2170 and get back into the 2150-70 range in order to push back toward the middle Bollinger Band (20 day sma). I continue to believe that the bears will need a catalyst to accomplish this effort."

Wednesday's Post: "With the 15 handles move above the 2150-2170 price range the Bulls have areal opportunity to push the tape to the upper Bollinger Band and the Continuation High of 2191.50. The key to that outcome is maintaining 2170 as support. The daily pivot matches with that area (2172) and Bulls will need to keep price above the entire session for it to be considered established support. Should the Bears be able to break 2170 then they would need a push back to yesterday's low at 2161-62 and preferable a close below that area. The bear by losing the trading range battle are now at a significant disadvantage for the remainder of the week. They'll need news in order to mount any sustainable pullback."

Tuesday's Post: "We spent another day inside the 2170-2150 range and each move to the edge of that range area provided excellent trading opportunities. It was another fantastic day and excellent start to the week in the chat room. Today will be about the same things as yesterday. Can the bulls convert 2170 to support. The globex move to 2169.75 was rejected 7 handles. 2150 remains open for a test as it was all day yesterday. Bears were able to test to 53 but no more. A hard move below 50 opens up the ability to test weekly pivot at 2123.50. For now we have the range which has produced a fantastic environment. See you in the room."

Monday's Post:  "As we start a new week it is clear that we are headed into a new phase of the tape that will be much more trader friendly than the summer compression and pre election unpredictability of the markets. This volatility phase should carry through to the inauguration at a minimum. We are currently seeing resistance in the 2170s this opens a retest of the 2150 support area. Should 2150 break then a move back to test the new weekly pivot at 2123.50 opens. Over 2170s would look to test last weeks high at 2180.50 and the all time high 2191s. As we head into today we need to identify whether we are overall making lower highs or higher lows and let the price momentum dictate trades. The focus is the same as always we hit our goal each day and move on. We need to also protect what we have. We did over 130 room handles last week and are over 195 for November. Time to get selective about setups while taking full advantage of this new environment to finish the year and start 2017 strong. See you in the room."

 

PIVOT TABLE

111816pvt

ES CHARTS

Hourly:

You can see a trendline from the Monday low and Thursday lows that Bulls tested and held during the overnight. Bulls want to stay above both that support line and the daily pivot in order to make another higher high and a push toward 2191/92. Bears must execute the opposite and take out yesterday's low in order to cause Bulls any concern at all. Advantage Bulls headed into today.

You can see a trendline from the Monday low and Thursday lows that Bulls tested and held during the overnight. Bulls want to stay above both that support line and the daily pivot in order to make another higher high and a push toward 2191/92. Bears must execute the opposite and take out yesterday's low in order to cause Bulls any concern at all. Advantage Bulls headed into today.

Daily:

The Bulls pressed their advantage right off the regular open with a hard push higher. Bulls never looked back and were able to print a new contract high for December at 2185.50. As we head into Friday's session we've seen a minor pullback to the 2177 area. Bulls will need to keep up the pressure and push toward the continuation high 2191/92 and the upper Bollinger Band. If the bears are going to mount any threat at all they must convert 2177 and 2170.

The Bulls pressed their advantage right off the regular open with a hard push higher. Bulls never looked back and were able to print a new contract high for December at 2185.50. As we head into Friday's session we've seen a minor pullback to the 2177 area. Bulls will need to keep up the pressure and push toward the continuation high 2191/92 and the upper Bollinger Band. If the bears are going to mount any threat at all they must convert 2177 and 2170.