The ES stayed inside the prior day’s range Tuesday, as we expected. The daily PMO and Slow STO indicator continue turning down, and hint that the internal strength is pretty weak at this stage.
This section contains the detailed buy/sell levels for Wednesday. It is reserved for Daily and Full Access members. Previous posts are available free of charge.
You can get instant access to these valuable daily updates and much more through one of Nat’s upper-level memberships. Please follow this link for the details.
Hi . Read or download the full trading plan here:[gview file=”https://www.naturus.com/wp-content/uploads/2016/09/160914-ES-plan.pdf”]
When ES approached Monday’s low area yesterday buyers showed up and defended it. But price wasn’t able to close above 2135.50-34 and continues to give a weak outlook for today.
The 2135.50-34 zone will be a resistance area today. It is likely to prevent price from popping higher. As long as ES stays under it, the 2100-03 downside target remains in play.
There is an extremely oversold condition in the ultra-short-term, but not in the short- and intermediate-term. A brief bounce could be seen today if ES remains inside yesterday’s range, but the following day could still see a declining.
Short-term === Bearish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2103-01.25, 2091.50-93.50, 2085-83, 21075-73.50, 2067-65
Major resistance levels: 2141.50-39.50, 2156.50-58, 2175-78.50, 2193.50-95.75