Trading plan for Jan. 29. 2016

160128-ES

ESH6 Daily chart

ES repeated the previous day’s range yesterday and made an inside day. Today it could do the same again: repeat yesterday’s range and make another inside day. If it happens, it is mainly a way of killing time into the end of the month.

This is the last trading day in January and we expect the ES will try to close above 1850 but below 1900 – in other words, within the wedge pattern that is developing on the daily chart..

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