Trading plan for Sept. 27, 2016

160926-es-daily

ESZ6 Sept. 26, 2016. Daily chart.

ES gapped down at the open and held price down throughout the day. The price action was bearish, and Daily PMO indicator returns to the downside to eliminate a potential buy sign.

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This section contains the specific buy/sell levels for Tuesday. It is reserved for Nat’s Daily and Full Access members. Previous trading plans are available free of charge in the archives.

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Today ES could continue moving down if the Presidential debate disturbs the buyers overnight . ES could easily go back down to last week’s low area 2127-25 for testing before the price bounces again.

A break below 2120 level will be bearish again. A further decline towards 2100-03 level should then be expected.

2150-55 will be current major resistance. As long as ES stays under it, odds will favor downside.

Outlook

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

Support and resistance

Major support levels: 2128.75-29.50, 2123.50-21.50, 2112-10.50, 2103-01.25
Major resistance levels: 2165.50-64, 2175-78.50, 2086-88, 2195-96, 2103-05.50