Trading plan for Feb. 18, 2016

160217-ES-daily

ESH^ Feb. 17, 20167. Daily chart.

ES had a continuation high move yesterday with a strong gap up at the open; it held up for a higher close. The price action was bullish, but once again the volume was lower on an up day.

The PMO indicator still shows a short-term buying signal, and there is a potential double bottom on the daily chart with the neckline is lying at 1940-46, slightly above the 50-day moving average line.

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