Trading plan for Feb. 26, 2016

160225-ES-daily

ESH6 Feb. 2, 2016. Daily Chart

Technically speaking, ES broke the neckline of bullish double bottom pattern yesterday. The market closed above that neckline with strong price action.

But the total daily volume didn’t catch up to the price move. The ES could continue to move higher today, based on the momentum indicators. We may see confirmation from volume today.

The GDP report will be released in the early morning session. After the report, we may see a “Sell the news” move, but the selling may not last very long.

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