Trading plan for July 8, 2014

150707-ES-dailyES had a testing move Tuesday and the support around 2035-30 held the futures up quite well. At the end ES closed near its 10-day moving average line, gaining 9.50 points.

The ES has been volatile after the Greek referendum Sunday. SInce the July 4 holiday the price has moved from about 2035 to 2080, back down to 2035 a second time, and back up to 2074.

The price action has been bullish. Selling on the strength and buying on weakness controlled the ES movement.

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Here is the member content for Wednesday. Download the full trading plan here: 150708-plan

Today the 2076 level – the 10-day moving average line – will remains a key line. A move above it will be bullish and will trigger buying momentum; the odds will then favor upside further toward 20/40-day moving average line or higher to push up to fill 2095.75 gap.

If there is no follow-through today and ES stays under the 2076 line, then we should expect ES to drop back toward the pivot area 2055-50 for testing again. Nevertheless 2035-34 should be the short-term bottom. This low could hold up ES for at least this week.

The Greek crisis and the FOMC minutes will influence price moves today. The volatility will be high and the range will likely continue to be larger than usual.

Short-term — Neutral
LONG-TERM — Bullish

The major support levels: 2043-30, 2018-21, 2006-03, 1980-75
the major resistance levels: 2085-86, 2093.75-95.50, 2105-06, 2112.50-14.50.


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