Trading plan for Dec. 6, 2016

161205-es-daily

ESZ6 to Dec. 5, 2016. Daily chart.

Yesterday’s movement in the ES looked very similar to the price action after Trump won the presidential election. The ES sold off after the news of the “No” vote in the Italian referendum came out and later moved back up before the US market opened.

In the regular trading hours the shorts covering helped to hold the ES above last Friday’s high; the futures managed to close above the 2200 level for the day.

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Today the 2208.75-2210.50 zone will be the “make it or break it” key zone. A break above that key zone could lead ES to make new highs.

The daily PMO and slow STO indicators are getting ready to move up again, and both hint at a new rally for the ES soon.

2198-2200 needs to hold the ES up to support a move to a higher level. If the ES fails to hold up 2198-2200 it is then likely move back to the previous trading range.

The price could drop back down to 2185-83 or lower to the 2178-79 area to retest the 20-day moving average. But this kind of pullback will give new buyers a chance to get into their long side positions.

Support and resistance

Major support levels: 2183-81, 2172-74, 2165-62.50, 2156-53
Major resistance levels: 2218-16.50, 2221.50-23.50, 2235.50-37.50, 2245-48

Outlook

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

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