Trading plan for Feb. 24, 2016

160223-ES-daily

ESH6 Feb. 23, 2016. Daily chart.

The ES moved up in the pre-market yesterday, but the rally was rejected by the 50-day moving average line and the futures reverted back toward the previous support area.

But the PMO indicator still holds up and continues to give a buying signal.

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Today 1900 -1898.50 returns as a key support line. A failure to hold above it could trigger selling pressure.

1929.75 is a pivot level. A move above it will give buyers’ hope that the short-term uptrend will continue and encourage them to push the price back up to 1940-35 to re-challenge the neckline of the bullish double bottom pattern.

Outlook

Short-term === Neutral
MEDIUM TERM === Neutral
LONG-TERM === Neutral

Support and resistance

Major support levels: 1898.50-95.50, 1856.50-54.50, 1831-1833
Major resistance levels: 1948.50-46.50, 1955.50-52.50, 1963.75-68.50

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