Trading plan for Aug. 10, 2016

160809-ES-daily

ESU6 Aug. 9, 2016. Daily chart.

ES mainly repeated the prior day’s range move yesterday. But it starts to show some loss of upside momentum around the 2181.50-83.50 range.

The slow STO is approaching overbought territory; the daily PMO indicator stays negative. Both indicate that ES could have a minor correction again.

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2165-62 is the first major support zone. Today ES could drop there to search for a base. As long as ES holds up that zone, the price will rebound again.

For the upside, 2190 is designated as the main target. How to get there depends on the buyers holding up 2165-62.

Outlook

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

Support and resistance

Major support levels: 2120-21, 2112-14.50, 2100-1997.50
Major resistance levels: 2181.50-83.50, 2188.50-90.75, 2195.50-97.50