Trading plan for July 30, 2015

150729-ES-DailyThe Fed statement retained its soft language on the possibility of raising interest rates in September; the Fed will continue to consider employment figures before raising rates but inflation is too low (!) to act now. Generally, no rate increase now. The market took that to mean the Fed may delay past September, or even longer. That sent the ES back above 2100 for closing.

Today ES may go higher than yesterday’s high if overnight trading holds above the 2097-98.50 zone. A failure to hold above the 2097 line could push ES slightly back down toward 2093.50-92.50 again.

Member content

Here is the member content for Thursday. Download the trading plan here: 150730-plan

Based on the price action, ES should hold above 2090-88 today. But to go back to the top of the range, the ES needs a strong follow-through on volume. Without some follow-through, ES still has a chance to revisit the 2078-75 zone.

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

The major support levels: 2054-55, 2035-32, 2025-23.50, 2018.50-16.50
the major resistance levels: 2128.50-29.50, 2134.50-36.50 and none

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