Trading plan for Oct. 6, 2016

161005-es-daily

ESZ6 to Oct. 5, 2016. Daily chart.

This market is fully being fixed. A bunch of option expirations yesterday led ES to go nowhere except inside its triangle pattern. But the time for a breakout is very close.

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Again, today 2135.50-33 remains as a key zone. A break below 2131.75 could trigger selling and push price down further toward 2123-21 or little bit lower. The 10- 20-and 40-day moving average lines are flat and overlapping around the 2154-51.50 zone. This flat zone will act as a strong magnet to control up and down price move.

2165-62 is a current resistance zone. A move above it is likely to push up to 2172-75 zone. But I still expect that ES will not leave those 10/20/40ema lines too far today because the PMO indicator hasn’t given a buy signal yet.

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

Support and resistance

Major support levels: 2135-33. 2123-21.50, 2112-13.50, 2103.50-01.75
Major resistance levels: 2171-72.50, 2181.50-78.50 , 2188-90.50, 2200-01.50