Princetontrader Pivot Report November 21, 2016

MARKET VIEW

8:05 am ET  Webcast to follow. As we begin the new week the Bulls remain in the drivers seat. The 2150-2170 trading range has been converted and left behind. Test of the 2177-2179 area have been successfully defended last week and provide support for a move to the continuation high at 2190.50. The bear must use the new week to put enough pressure on the Bulls to make a test of the new Weekly Pivot at 2173.43 interesting. There is no meaningful pullback with converting weekly pivot to resistance. Bears need news for any sustainable break as the market continues to have a bid. I a vacuum we trade higher. The shortened holiday week favors this as well.

Friday's Post: '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."

 

PIVOT TABLE

112116pvt

ES CHARTS

Hourly:

New contract highs again on Friday at 2187 area.  2177-2170 remain the key.  2150 is waiting below.  Bulls must push of a retest of daily midband will be inevitable.

New contract highs again on Friday at 2187 area. 2177-2170 remain the key. 2150 is waiting below. Bulls must push of a retest of daily midband will be inevitable.

Daily:

As we begin the new week the Bulls remain in the drivers seat.  The 2150-2170 trading range has been converted and left behind.  Test of the 2177-2179 area have been successfully defended last week and provide support for a move to the continuation high at 2190.50.  The bear must use the new week to put enough pressure on the Bulls to make a test of the new Weekly Pivot at 2173.43 interesting.  There is no meaningful pullback with converting weekly pivot to resistance.  Bears need news for any sustainable break as the market continues to have a bid.  I a vacuum we trade higher.  The shortened holiday week favors this as well.

As we begin the new week the Bulls remain in the drivers seat. The 2150-2170 trading range has been converted and left behind. Test of the 2177-2179 area have been successfully defended last week and provide support for a move to the continuation high at 2190.50. The bear must use the new week to put enough pressure on the Bulls to make a test of the new Weekly Pivot at 2173.43 interesting. There is no meaningful pullback with converting weekly pivot to resistance. Bears need news for any sustainable break as the market continues to have a bid. I a vacuum we trade higher. The shortened holiday week favors this as well.