Trading plan for July 22, 2015

160721-ES-daily

ESU6 July 2016. Daily chart.

ES had a minor retracement yesterday, but it still managed to hold the price above the 2150 level and pushed back up to just under 2160 for closing.

The minor retracement so far looks a healthy move. Because ultra-short-term has had an extremely overbought condition, it discourages the buyers. The pullback released the overbought pressure, and could bring new buyers in at their desirable level.

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