Trading plan for Dec. 1, 2016

161130-es-daily

ESZ6 Nov. 30, 2016. Daily chart.

ES mainly went sideways and tried to hold price up around 2200 level for monthly closing.

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Today 2198.50-97.50 will be a key zone. A stay above it could push ES up to test yesterday’s high area. A move below it could go down 2191-2189.25 (Aug/Sept monthly high) which was current monthly breakout point.

Both daily PMO and Slow STO indicator are overbought. Yesterday we saw strong but orderly selling at 2213.50-11.75 in the early morning, then at 2208-06.50 around lunch-time,zone, and at 2198.50 after 4pm NYSE closing. it indicates that more selling could following soon. Therefore we should continue to focus on the sell side if there is a bounce today.

Support and resistance

Major support levels: 2190.50-93, 2183-81, 2172-74, 2165-62.50
Major resistance levels: 2212-10.50, 2220.50-26, 2235.50-37.50, 2245-48

Outlook

Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish