Trading plan for July 23, 2015

150722-ES-DailyIt was all about earnings yesterday. The ES gapped down strong at the open and stayed red all day. But it managed to hold above the 10-day moving average line and closed above it. That is significant for us.

So far we consider the current decline as just an ultra-short-term correction, intended to solve the short-term overbought problem. As long as the price stays above the 10-day moving average line, the short-term uptrend is intact.

Member content

Here is the member content for Thursday July 23. Download the full trading plan here: 150723-plan

Today 2100-2095 remains a key zone. This zone is very important to enable the ES to challenge the resistance overhead at 2125-35. In the early morning sessions we may see a testing of yesterday’s low or a move a little lower near 2092.50-94.50 zone (doubtful!) if the 2114.50 level holds the ES down during overnight trading. A break above 2114.50 could lead the ES back up to 2121.75-23.50 or higher . We will continue to see “buying on the dip” moves. Therefore we should focus on buying side today.

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

The major support levels: 2100.50-01.25, 2095-92.50, 2085-88.75, 2062-64,
the major resistance levels: 2128.50-29.50, 2134.50-36.50 and none

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