Trading plan for July 17, 2015

150716-ES-dailyES finished the day with a solid gain and a higher close, fueled by good earnings from blue chip stocks, and the approval of the debt deal by the Greek legislature.

Today will be a wild day. ES could be beginning a new rally cycle, and the price could be pushed up to retest the previous high around the 2126-34 zone. The 10-day moving average crosses above 20- and 40-day moving average and gave short-term buy signal. Any pullback will likely to be bought by new buyers.

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Here is the member content for July 17. Download the daily trading plan here: 150717-plan

2100-2095 becomes the first major support zone for the current stage. The short-term indicators have an overbought condition, but intermediate-term indicators have just moved into their neutral area from oversold territory. They still have some rooms for the price to go higher. Early in the morning we may see a small pullback. As soon as pullback move completes, later in the afternoon we may still see the price bounce.

Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish

The major support levels: 2085-88.75, 2062-64, 2054-52, 2038-39, 2028-30
the major resistance levels: 2119.50-21.75, 2128.50-29.50, 2134.50-36.50

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