Trading plan for July 21, 2016

160720-ES-daily

ESU6 July 20, 2016

ES had a small expansion move yesterday morning after price broke through 2162.50. Later price moved slowly in the rest of the afternoon. But it still managed to hold above 2165 for closing.

This month is the time when many traders take off for summer vacation. Slow grinding moves should be expected. So far ES is still one step away from the 2185-88 upside target. Slowly moving towards that target still will be the focus for many fund managers.

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This section contains the detailed buy/sell levels for Thursday. It is reserved for Daily and Full Access members

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2168 is a control line for upside target 2175 and 2185-83 zone for today and 2156 is for downside target 2146-45 zone. Nevertheless, Selling the early rallies and buy weakness will continue to be seen. The trend is our friend. So far the trend remains up and strong.

Outlook

Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish

Support and resistance

Major support levels: 2150-46, 2120-21, 2112-14.50, 2100-1997.50
Major resistance levels: 2179-78.50, 218850-87, 2195.50-93.50

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