Trading plan for July 29, 2016

160728-ES-daily

ESU6 July 28, 2016. Daily chart.

ES struggled to go sideways again yesterday to smooth out the ultra-short-term overbought condition.

Slow STO indicator released the overbought pressure and slowly moved down, but holds well above the 80 line, which still gives out a short-term bullish signal.

So does the daily PMO indicator, which tried to move back to high level again yesterday.

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