Trading plan for June 9, 2016

ESM6 June 8. 2016. Daily chart.

ES moved an inch higher than its prior day high yesterday and closed at the top of the range. The speech today by the president of the ECB, may be the reason.

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The psychological support zone 2100-2098.50 remains a current strong support. The buying on pullbacks continues to help the ES stay up. The daily PMO indicator still rises and shows a bullish sign. Only the daily slow STO indicator continues showing overbought and didn’t respond to the new highs in the ES.

Today the ECB president will give a speech in the early morning. His speech could drive the price higher in the pre-market, with a possible pullback after the market day session opens.

But the pullback will be bought due to short-term bullish sentiment. Short on strength and buy on weakness will continue to be seen.

Outlook

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

Support and resistance

Major support levels: 2092-93.50, 2075.50-73.50, 2055.50-57, 2035.50-37
Major resistance levels: 2121.50-23.50, 2129.50-31.25, 2037.50-39.50

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