Trading plan for Dec. 2, 2016


ESZ6 Dec. 1, 2016. Daily chart.

The ES selling continued yesterday. ES made an intraday low at 2186 just 20 minutes before the NYSE closed. At the end, it closed right on the 10-day moving average line at 2192.

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Today the 2187.50-85.50 zone will be the “make it or break it” level. Holding above that key zone could lead the ES to bounce in the early sessions. Failing to hold would allow the price to drift lower.

The non-farm payroll report will have a big influence on it.

The daily PMO and slow STO indicators are in an overbought area. The price may stay low for closing. Especially if the price moves below 2183.50 the ES could push a little further down toward 2175 area, which is the key strike price of today’s option expiration.

Short on early strong rally and later buy weak dips should be today’s trading strategy.

Support and resistance

Major support levels: 2183-81, 2172-74, 2165-62.50, 2156-53
Major resistance levels: 2212-10.50, 2220.50-26, 2235.50-37.50, 2245-48


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


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