Trading plan for April 26, 2015

160425-ES-daily

ESM6 April 25, 2016. Daily chart.

ES gapped down at open and moved four points below last Friday’s low.

But later it managed to push price up to close at 2083.25, close to the top of the range for the regular trading session, and just a few points from Friday’s closing.

The ES made a higher high and a lower low and closed almost unchanged — a day of indecision.

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Today is the first day of the Fed meeting. ES still will try to hold up to wait for whatever decision is announced Wednesday afternoon.

It could push the price up to fill yesterday’s gap at 2086 and move higher to retest 2100-96 zone if there is any leak of information – real or imagined — from the Fed meeting.

But the short-term is overbought and the PMO indicator just gives a new short-term selling signal, so any pop could meet sellers.

2086 remains a key control line for today. Failing to move above it could lead the price back down to yesterday’s low area to run the stops and push the price into the 2061-58.50 zone.

For the longer timeframe, traders should focus on short-term selling if there is a strong bounce in overnight trading.

Outlook

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

Support and resistance.

Major support levels: 2050-52, 2039-37.50, 2021-23.50, 2009-07.50
Major resistance levels: 2098-95.50, 2108-10.50, 2116.75-19.00, 2135-30

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