ES managed to hold above the 1934 line after the market opened for regular hours trading. It attempted to push the price above 1961 to regain control of the upside. Unfortunately it failed. At the end, it closed under the 1950 option battle line.
The rollover day passed, but the rollover activities will extend into today. About half the usual volume is still missing, and today we should see one extra day of fighting to see who takes control of the 1950 line.
Download the full trading plan here: 150911-plan
1934 remains a key support for the ES. A failure to hold above it could lead the price lower toward 1900 very soon.
Today is the expiration of the weekly option on the September contract (ESU5). Most traders will switch to the December contract (ESZ5). There will be lots of confusion and this will cause the price to chop around. All our posted numbers are still for the September contract. If our members want to trade the December contract, deduct 8 points from our numbers.
MEDIUM TERM: Bearish
The major support levels: 1900-03.50, 1975-80, 1850-45, 1828.50-25;
the major resistance levels: 1992.75-95.50, 2012.50-2013.50 2032-2035