Trading plan for April 4, 2016


ESM6 Mar. 31, 2016. Daily chart.

ES continues to bump up against resistance when the PMO is overstretched. The end of month bullishness helps to hold the rice up even though the price has ab extremely overbought condition in the short term.

Today is first day of April. Based on the bullish end and beginning of month behavior the ES should have a positive day. But NFP report also will influence the market and could lead the price to have a bump and dump move with relatively larger range than in the prior day.

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Today 2065-75 will continue as the major resistance zone. A move above 2060.50 level could be bullish.

But a break below 2045 could trigger a downside move and push the price down towards 2038.50-35.50 or lower. Nevertheless the pullback is likely to be brief in terms of time.

The longer-term indicators have gone slightly bullish. This could help to hold ES up into Tuesday of next week. Therefore we may still see ‘BUY on the dip” again if there is a pullback after the NFP report.


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

Support and resistance

Major support levels: 2035.50-32.75, 2021-23.50, 2000.50-03.50
Major resistance levels: 2064-66, 2075-77, 2085-88


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