ES wiped out two days’ gain and returned its Monday’s low for closing yesterday. Surprise! The Greek debt drama isn’t finished after all.
Now the price is sitting around its daily momentum lines (20/40 ema lines). Those two lines will act as a magnet. When price moves too far away from them, they will pull the price back into it.
2099 was last Friday’s closing level, and we saw 21K contracts sold at that price at the close. I kept telling our traders that no matter how high the ES went, the price would return to that level to bail out those shorts. And here it is.
Download the full trading plan here: 150625-plan
Today we may see a continuation low move. If there is any bounce up to 2112.50-14.50 zone during overnight trading, traders should focus on the selling side. A break below 2095.50 level will be bearish. The unfilled gap at 2089.25 will be the downside target.
Short-term — Bullish
MEDIUM TERM — Bullish
LONG-TERM — Bullish
The major support levels: 2085-88, 2062-59.50, 2053-50.50, 2043-42
the major resistance levels: 2123.50-2121.75, 2135.50-32.75 and none