Trading plan for March 31, 2016

160330-ES-daily

ESM6 MARCH 30, 2016. dAILY CHART.

ES gapped up strongly at open and managed to hold up the gap for closing. So far the internal strength remains strong. The volume continued to support the rally.

Today we could see a minor pullback due to last day of March. A sideways move inside yesterday’s range 2065-2045 could be a way to consolidate the recent rally. PMO indicator still rises up and indicates that the short-term uptrend remains intact.

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2076-88 should be the next major resistance zone for the short term. 2020-10 will be major support zone.

ES could stay under its major resistance and above its support zone for the rest of week. Buy on the pullback will continue to be seen today.

Today is end of month option expiration. It is likely for price to go whipsaw around the 2050 level. Range trading method should be used for today’s trading.

Outlook

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

Support and fresistance

Major support levels: 2035.50-32.75, 2021-23.50, 2000.50-03.50
Major resistance levels: 2064-66, 2075-77, 2085-88

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