Trading plan for Sept. 2, 2016

160901-ES-daily

ESU6 Sept. 1, 2016. Daily chart.

ES failed to go above the 2178-81 zone on the first day of September which led to the price dropping to retest last week’s low at 2157.50.

The volatility increased, the daily range got extended. But ES still managed to hold the price above 2157.50 and it closed the day near its open price.

The behavior suggests traders want to wait for today’s NFP report first before the market picks the next new direction.

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