Trading plan for Dec. 8, 2016

161207-es-daily

ESZ6 Dec. 7, 2016. Daily chart.

ES broke its consolidation range and made new highs yesterday. The price action was bullish, and volume supported the price. This rally should continue after the price pulls into the breakout level for testing and then goes back higher.

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Today 2223.50-2220.50 (yesterday’s lunch breakout zone) will be first support. As long as it holds ES up, the buyers will keep holding price up and start to rollover into the next (March) contract.

Now the 2213.75-11.75 zone becomes a major key support zone. This zone will likely hold up ES until the current rally gets exhausted.

Both Daily PMO indicator and Slow STO indicator accelerate, and are bullish. Buy on dip if there is a pullback in early sessions.

Support and resistance

Major support levels: 2200.50-03.50, 2183-81, 2172-74, 2165-62.50
Major resistance levels: , 2245-43.50, 2256-57.50, 2265.50-68.50, 2275.50-78.50

Outlook

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

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