Trading plan for Nov. 8, 2016

161107-es-daily

ESZ6 Nov. 7, 2016. Daily chart.

ES surged on the FBI announcement Sunday that Hilary Clinton will not be charged in connection with her improper storage of official e-mails. The market rallied overnight Sunday and rallied further after the US day session opened.

ES closed at the top of the range Monday. The price was bullish, but the volume was still lower than the previous day. We need to see if the rally will follow through after the election results are in.

Member content

This section contains the detailed buy/sell levels for Tuesday. It is reserved for Daily and Full Access members only. You can see previous trading plans free of charge in the archives.

Want to see more?

You can get instant access to valuable daily updates like this. Please follow this link for the detail.

 

Hi . Read or download the full trading plan here:

Download link: (161108-ES-plan.pdf, 271KB)

 

Today is election day. ES could hold price up until afternoon. Right now ES remains within its downtrend channel.

2140-35 will be first resistance zone for today. A failure to break through it could lead ES to pull back down near 2120-18.50. A move below 2118.50 level could trigger ES to go back to retest yesterday’s low area.

Daily PMO and STO indicators all turned up yesterday and hints yesterday’s rally was an oversold bounce. ES hasn’t walked out from its downtrend yet.
Nevertheless it is the election day. A big swing in either direction should be expected.

Outlook

Short-term ===Neutral
Medium-term === Neutral
LONG-TERM === Bullish

Support and resistance

Major support levels: 2100.50-2098.50, 2185-88, 2075-72, 2062.50-65
Major resistance levels: 2135.50-37.50, 2145-47.50, 2156.50-58.50