Trading plan for Nov. 17, 2016

161116-es-daily

ESZ6 Nov. 16, 2016. Daily chart.

ES stalled its advance under July’s high. It mainly went sideways for consolidation. In the ultra-short term, ES has an overbought condition.

But the 20-day moving average line crossed above the 50-day m.a.yesterday, giving a short-term buying signal. That’s some reason to think that the overhead resistance may be broken soon.

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Today is SP500 index option expiration day. The option game needs ES to push higher to close above 2185 level for the index.

We may see ES go up to yesterday’s high area at 2185-79.25 or higher up to 2195-96 to help the Index reach 2200-2210. However this move could lead the ES to reverse on Friday.

If ES fails to break above 2179.25-85 zone tomorrow, instead dropping to the 2145-35 area, the price could decline further. The ultra-short-term pullback could be like the July movement (a narrow range consolidation). The 20/50ema lines need to hold the ES up to help the market reach new highs.

Support and resistance

Major support levels :2143.25-44, 2134-32.50, 2121-23.50
Major resistance levels:2183-85, 2193.50-95.50, 2208-10.50, 2223.50-21.75

Outlook

Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish

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