Trading plan for Aug. 14, 2015

150813-ES-dailyAfter Wednesday’s big run up from the low, the ES demonstrated the same lack of follow through it has shown previously. The price made a high at 2093 during overnight trading, but was unable to move back to that high in regular trading hours, and ended the day at the same level as the regular session open. It gave the impression the ES may need one more day to digest Wednesday’s strong move.

Today is Friday. The early session may see ES continue holding above 2070-65 zone. But it will be hard to predict where the ES intends to close.

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Download the full trading plan here: 150814-plan 

Today’s closing price is very important. ES needs to close above 2078.50 to maintain the bullish outlook for next week. Conversely, closing below 2065 could give a bearish outlook. We may see a big struggle at the end of the day if the ES is unable to move up to 2088.75-90.50 during the early sessions.

Three momentum lines (10, 20 and 40ema) constitute a resistance zone above the current price. 2093.75 and 2098.75 were big obstacles to overcome in the past several days. They could be today too.

Short-term — Neutral
LONG-TERM — Bullish

The major support levels: 2054-55, 2035-32, 2025-23.50, 2018.50-16.50
the major resistance levels: 2128.50-29.50, 2134.50-36.50 and none


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