Trading plan for July 6, 2016

160705-ES-daily

ESU6 July 5, 2016. Daily Chart.

After the Fourth of July holiday, ES fell on relatively low volume. It looks like buyers taking profits after the bullish end and beginning of the month period.

The declining didn’t do much damage to the short-term uptrend. Price was held up well by the daily momentum support line (20ema). At the end of the day ES still managed to close above the support to avoid giving a short-term bearish outlook.

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