Trading plan for July 26, 2016

160725-ES-daily

ESU6 July 25, 2016. Daily chart.

ES continued going sideways for consolidation. However the pattern is forming a round top which appears bearish for the short-term.

Today is the first day of the Fed meeting. Any information leaks — real or rumored —  could move the ES. The upside still should be considered limited.

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2155.50 will be a key line for today. A move below it could lead ES to go down further toward 2146 and 2135.50-39, where we could see more buyers coming in.

If it holds above that key line, the ES could go back up to yesterday’s high area 2172.50 or higher 2178-82, where we could see more sellers entering.

Outlook

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

Support and resistance

Major support levels: 2150-46, 2120-21, 2112-14.50, 2100-1997.50
Major resistance levels: 2179-78.50, 218850-87, 2195.50-93.50

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