Trading plan for Sept. 21, 2016

160920-es-daily

ESZ6, Sept. 20, 2016. Daily chart.

ES managed to stay inside its prior day’s range and closed with a 2.50 point loss yesterday. The broken daily momentum support line (20ema) has held the ES down quite well in the past three days, and signals buyers to be cautious before the FOMC announcement today.

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Daily PMO indicator has no sign to turn up and Slow STO indicator remains a selling signal. Both hints internal strength for upside remains weak.

Today has Fed meeting announcement and Fed chair press conference. It will create high volatility move. The daily trading range could expand more than 35 points.

2148-57 will be major resistance zone and 2100-03 will be a key support zone. A break below this support zone could lead ES to go down further toward the 200-day moving average line around 2065-60 in the following days.

Outlook

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

Support and resistance

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