ES ran up overnight following the rebound in Chinese stocks. But after the open buyers got exhausted again and the Bears fought back to push the price back into the prior day’s closing area. It closed two points higher than the previous close.
After the close the market began to move up again in the early overnight trading. There is lots of external uncertainty, and the emotional swings are causing whipsaw moves and increased volatility.
Here is the member content for Friday. Download the full trading plan here: 150710-plan
Today is the weekly option expiration. The 2050 level will continue to act as a magnet and keep pulling the price back when it moves too far away from it.
2075-70 should be the ceiling and 2035-30 should be the bottom for today’s price moves. The 2050 line will act a battlefield. Today we could see a further back and forth along the 2050 line. Whatever is the lower of today and yesterday should be the low for next week if there is no more news to disrupt its natural move.
Short-term — Bearish
MEDIUM TERM — Bullish
LONG-TERM — Bullish
The major support levels: 2028-30, 2018-21, 2006-03, 1980-75
the major resistance levels: 2062.50-64.50, 2075-2078, 2085-86, 2093.75-95.50