Trading plan for Jan.14, 2016

ESH 6

ESH 6

Yesterday ES completed a brief bounce in the morning sessions and resumed the downside move after a faked breakout. The selling was stronger than last Thursday and volume was far heavier than before. It widely open the door to the lower target at 1825. At the same time it confirms ES is in bear market.

Both 10 and 20ema lines chase the price on the downside. It indicates that both buyers and shorts are on the same page and agree to sell. This makes itdifficult for the price to bounce. As soon as price breaks the previous support level, the selling pressure increases and lower prices will be made.

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