Trading plan for Oct. 30, 2015

151029-ES-daily

ESZ5 daily chart

Yesterday the ES lost some ground in overnight trading, but rallied after the open and managed to push above the previous day’s high to run the stops before closing slightly below the previous close for a very minor loss.

Today a similar pattern move is likely for the last trading day of October. The money keeps flowing into the market, and will likely hold ES strongly above the 2055 level to close out the month.

Member content

Download the full trading plan here: 151030

Today 2085 is the option fighting line. It is likely for Bulls to try to push the futures up to 2095 and the Bears to try for 2075. ES needs to move outside the 2095-2075 range to make any extra points.

Overhead is the psychology resistance line at 2100, and below there is the weekly pivot support at 2066 and the yearly pivot support at 2055. If/when the price reaches either of those levels, expect the buy-the-dip crowd to step in. That buy-the-dip mentality could continue until Friday of next week.

Outlook

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

Support and resistance

Major support levels: 2005-02.75, 1992.5-87.50, 1950-56, 1928-29.50
Major resistance levels: 2088-89.50, 2099-2103, 2114.50-16.50