ES was down in the morning session, up in the afternoon. It gapped down at open, and kept declining into the 20-day moving average line. After lunch and the release of the FOMC minutes it recovered all of the loss and closed with a three-point gain.
This section contains the detailed buy/sell levels for Thursday. It is reserved for Daily and Full Access members only.
You can get instant access to this valuable information and much more by joining Nat’s upper-level memberships. Please follow this link for the details.
Hi [MM_Member_Data name=’firstname’]. Read or download the full trading plan here:[gview file=”https://www.naturus.com/wp-content/uploads/2016/08/160818-ES-plan.pdf”]
The minor pullback is healthy for the short-term. It could be over and the rally possibly resume today if price is holds above 2180 during overnight trading.
The Index August option will expire tonight. 2190-2200 will remain the upside option expiration target. But tomorrow ES may reverse from today’s high for profit taking.
If ES fails to move above 2183.50 it could pull back to retest yesterday’s low and search for support. But the 20-day moving average line should still hold the price up.
Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2162-64, 2152-54, 2120-21, 2112-14.50
Major resistance levels: 2193.50-90.75, 2195.50-97.50, 2202.50-05.50