Trading plan for July 15, 2015

150714-ES-dailyThe Dow Jones Industrial Average has regained the 18,000 level and the SP500 closed above 2100 for the first time since late June under the impression that the Greek government will accept the terms set out in the bailout agreement. Decent earnings reports from two major banks (Wells Fargo and JP Morgan) also contributed to the hope holding up the price.

The Street will continue to watch the developments in Europe, as well as the Fed Chair’s two days of testimony before the Congress.

Member content

Here is the member content for July 15. Download the full trading plan here: 150715-plan

Today we should expect a narrow range sideways movement, which could repeat yesterday’s range 2106 to 2090 if overnight trading doesn’t go higher. 2082-84 will remain as key support for today. As long as this zone holds up, buying on the dip bulls will continue to buy and push the price back up to 2100-05 zone again. A move above 2107 level could bring a grinding, inch-by-inch move to frustrate many traders.

Short-term — Bullish
MEDIUM TERM — Bullish
LONG-TERM — Bullish

The major support levels: 2054-52, 2038-39, 2028-30
the major resistance levels: 2108-12.50, 2118.50-21.75

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