Trading plan for Aug. 7, 2015

150806-ES-dailyES opened slightly higher than its prior day’s closing. Later it followed its big brothers DOW and SP500 index sliding to the downside. It not only filled the 2083 gap, it also made a wider trading range than we expected.

Today Non-farm Payroll report will be released in the pre-market session. Some leakage of information about the NFP might have caused yesterday’s market decline.

Member content

Here is the member content for Friday. Download the trading plan here: 150807-plan

Today’s closing price will be important for next week. A close above 2095.50 will maintain the potential bullish inverted H&S pattern. A close under 2055.50 level will breach that bullish pattern and give a hint that ES may start its short-term correction next week.

In the overnight session 2078.50 remains a key line. Holding above it could lead ES to move up to 2087.50-90.75 zone for testing. 2095.50-93.75 is major resistance zone. If we see a rally into this major resistance zone, the sellers will show up again.

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