Trading plan for June 18, 2015

150617-ES dailyES explored both sides of break-even yesterday. It went up higher than its prior day’s high after the FOMC policy announced no interest rate change this time, but maybe a rate increase in September if the economic data is conducive. At the end, ES returned to its prior day’s closing area. It closed up one tick.

Now the FOMC meeting is behind us, and everything should go back normal soon. Today the market will return its focus to news from Greece again and tomorrow’s quadruple witching expiration. As long as ES stays under yesterday’s high 2098.75 line, the price should go back down to Monday’s low area 2065 for testing.

2075 will be a key line to watch first today. If today ES closes below it, the following day ES could go down to complete A-B-C pattern.

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

The major support levels: 2062-59.50, 2053-50.50, 2043-42
the major resistance levels: 2106-07, 2116-18.50, 2123.50-2121.75 and none

To see the daily trading plan with the buy/sell numbers follow this link: 150618-plan

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