Trading plan for Sept. 14, 2016

160913-esz6-daily

ESZ6, Sept. 13, 2016. Daily chart.

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.

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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.

Outlook

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