Trading plan for July 9, 2015

150708-ES-dailyIt was an exciting day. Widespread disruption of financial internet sites – including the Wall Street Journal, Zerohedge and the NYSE, halted for three and a half hours. A free fall in Chinese stocks that continued last night. More selling in Europe. The market is nervous over the unresolved Greece debt crisis and the endless selloff in the Chinese market.

Now ES has lost its major support line again. It not only broke the 200-day moving average line, also it broke its yearly pivot level by closing below it. SPX 2020 and 2000 strike price puts increased heavily. If SP500 index goes under 2038 level, it could trigger panic selling.

Even though the FOMC minutes report hints the rate may not hike soon, under external uncertainty, most buyers will stay on the sidelines until the dust settles. Any bounce shouldn’t last very long.

Member content

Here is the member content for Thursday. Download the full trading plan here:Β 150709-plan

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

The major support levels: 2028-30, 2018-21, 2006-03, 1980-75
the major resistance levels: 2085-86, 2093.75-95.50, 2105-06

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