Trading plan for April 14, 2016


ESM6 April 13, 2016. Daily chart.

ES broke the April 4th high at 2071.50 level yesterday and closed above it. The price action was bullish; it is clear signal that ES intends to test the Nov/Dec 2015 monthly high. But the volume still was lighter.

The SP500 cash index April option will expire today. The bullish sentiment could help to hold the ES above the 2050 level. Any pullback is likely to be bought.

The PMO and SST indicators are bullish in the short term.

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Yesterday’s gap at 2055.75 is important for buyers. As long as this gap remains unfilled, the odds favor the upside. The ES could move up to retest 2084.50-88 or higher up to the 2100 level if today the price can be held above the 2055-50 zone.

We may see a minor pullback if ES gaps up at open. But the index call option at the 2100 strike price suggests the futures could keep going up.

2035-30 is short-term major support. “Buy the dip” will still be seen from trend traders.


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

Support and resistance

Major support levels: 2050-52, 2039-37.50, 2021-23.50, 2009-07.50
Major resistance levels: 2085-88, 2098-2100, 2108-10.50




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