Trading plan for Sept. 23, 2016


ESZ6 Sept. 22, 2016. Daily chart.

ES gapped up at the open and held on to its gains throughout the day. The price action remained bullish yesterday, but the volume was reduced on the second day’s rally

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Today we may see an exhaustion move. ES could stall around 2185 and reverse.

Daily PMO indicator still didn’t give a buying signal. Slow STO indicator approaches overbought territory. If ES manages to hold below the 2185 line, price could reverse to do its back-fill in the 2152.75 area.

Today traders should focus on the short side on a rally in the early sessions, and buy later in the afternoon. If 2160.50-59.50 is broken, ES could dip into 2152.75, where we can see the dip buyers coming in.


Short-term === Bullish
MEDIUM TERM === Bullish
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: 2175-78.50, 2086-88, 2195-96, 2103-05.50


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