Trading plan for Aug. 4, 2016


ESU6 Aug. 3, 2016. Daily chart.

ES managed to hold above the 20ema line yesterday and tried to push price back above its broken support zone 2157.50-59.75. But at the end of the day, ES still closed under that zone.

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This section contains the detailed buy/sell levels for Thursday. It is reserved for Daily and Full Access members.


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Yesterday volume was well-below average on a “rally” day which could mean that the short-term bearish sentiment and decline hasn’t completed yet.

The daily PMO indicator gave out a new SELL signal.

Today 2157.50-59.75 will be a very important zone. A move above it could trigger some kind of buy stops and push price further up to 2162.50-65.50 in an attempt to fill yesterday’s unfilled gap at 2164.50.

Holding under it could lead ES to go sideways or pullback near yesterday’s low area 2147-45.

ES may sell off before Friday’s Non-farm payroll report. But it could also go sideways to wait until tomorrow morning report is released.


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

Support and resistance

Major support levels: 2120-21, 2112-14.50, 2100-1997.50
Major resistance levels: 2179-78.50, 2188.50-87, 2195.50-93.50

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