Trading plan for Oct. 26, 2015

161025-es-daily

ESZ6 Oct. 25, 2016. Daily chart.

ES had an inside day. It contained the price inside the previous day’s high and low. The volume was little heavier than Monday, but still was not too significant.

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Today ES could continue whipsawing. The main purpose is to kill the time. The presidential election is not too far away and sideways movement above 2120 level until November 8 could be seen.

2137-38 could be a choppy zone for today’s trading. ES will struggle to hold price above it and try to push price back up to yesterday’s high 2149.50 or higher up to 2158-60 zone.

The daily PMO indicator turned down again, it whipsawed along ES, this could lead ES to go nowhere. A move below 2137-38 could lead ES to go down to fill 2134.75 and 2120.25 gap.

Outlook

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

Support and resistance

Major support levels: 2112-14, 2106-03.50, 2098-01.75
Major resistance levels: 2156.50-58.50, 2164-62.50, 2171-72.50