Trading plan for Dec, 16, 2016

ESH7 to Dec. 15, 2016. Daily chart.

ES had a retracement day, with the price consolidating inside the prior day’s range. Today is quadruple witching day. After the US market closes, we may see a continuation pullback move.

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The 2265.50-68.50 range will be a key zone for today’s trading. A failure to move above it could lead price continue consolidation within yesterday’s range from 2268 to 2249. A move below 2243 could push price down towards 2231-29.50 zone. A break above 2273 level could push price higher up to 2278-83 zone.

The daily PMO indicator is in extremely overbought territory. A minor pullback still should be expected.

Support and resistance

Major support levels: 2243.50-42.50, 2232-29.50, 2223-21.50, 2218-16.50
Major resistance levels: 2269.50-73.00, 2279.50-78.50, 2288.50-89.50, 2295.50-96.50

Outlook

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

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