Fed kept interest rate unchanged yesterday. At the same time, the Fed Chair still didn’t give a firm decision on the next rate hike schedule. The traders got encouraged and pushed ES back up to the 2157.50 level for closing.
This section contains the detailed buy/sell levels for Thursday, It is reserved for Daily and Full Access members only. Previous posts are available free of charge in the archives.
You can get instant access to these valuable daily updates through 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/2016/09/160922-ES-plan.pdf”]
In the short-term, yesterday’s price action was bullish. The volume was sufficiently high to support a rally. Today ES could continue to move higher up to 2165 -75 zone if overnight trading can hold the price above 2145.50.
Daily PMO indicator has a sign to turn up, but hasn’t crossed above signal line to give a buying signal yet. Slow STO indicator moves back up again.
If ES manages to hold above 2145, price could have a short-term rally again. Buy on dip will be seen today. Therefore, the traders should focus on the long side if there is a decent pullback.
We also have to keep our eyes on 2157.50-59.50, pivot zone. On a failure to break out from this zone, the ES could move back down if 2145.50 fails to hold.
Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2131.75-33.50, 2123.50-21.50, 2103-01.25, 2091.50-93.50
Major resistance levels: 2156.50-59.50, 2175-78.50, 2086-88, 2195-96