Trading plan for March 30, 2016

160329-ES-daily

ESM6 Mar. 29 2016. Daily chart.

Last week two Fed presidents suggested there may be rate hikes coming soon and beat the market down. Yesterday the Chair, Janet Yellen, suggested no rate hikes at the April 26-27 meeting and the market soared back up.

ES rallied into the end and closed at the top of the trading range at 2047.50, a new high for this rally. The price action was bullish and accompanied by strong up volume. It indicates the up-trend from mid-February remains intact.

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