ES had a small retracement after it gapped up at open. But it quickly found support at 2116.50 and resumed its rally until the last half hour of trading when it pulled back to the opening price area for closing.
Short-term indicators still are overbought. ES may slow down its advance for one or two days, but eventually price will rally again as long as 2095.50-2100 zone holds up.
Member content
Here is the member content for Tuesday. You can download the full trading plan here: 150721-plan
Today 2115 will be a major key line. A stay above it will encourage the buyers and a move below it could lead ES to go further down to test 2112.75-10.75 or lower to 2105.50-03.50 zone. Nevertheless each of those zone could be bought by new buyers.
2134 was May’s high. ES needs to fight through 2125-35 mid-term resistance zone first before it makes new highs toward the 2145-55 zone.
Short-term — Bullish
MEDIUM TERM — Bullish
LONG-TERM — Bullish
The major support levels: 2106-03.25, 2095-95.50, 2085-88.75, 2062-64, 2054-52
the major resistance levels: 2128.50-29.50, 2134.50-36.50 and none