Trading plan for Sept. 20, 2016

160919-es-daily

ESZ6 Sept. 19, 2016. Daily chart.

ES managed to hold above last Friday’s low with a minor gain on closing. Price remained inside the triangle pattern, mainly waiting for today’s Fed meeting and tomorrow’s Fed policy announcement.

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Today it is likely for ES to continue staying inside the triangle range. 2145-55 will remain resistance and 2123-19.50 will be support.

Any bounce may not last very long, like yesterday’s move. As soon as the momentum run gets exhausted, the price starts to reverse again.

Outlook

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

Support and resistance

Major support levels: 2103-01.25, 2091.50-93.50, 2085-83, 2075-73.50, 2067-65
Major resistance levels: 2147.50-46.50, 2156.50-58, 2175-78.50