Trading plan for Sept. 28, 2016

160927-es-daily

ESZ6 Sept. 27, 2016. Daily chart.

ES went down overnight during Presidential debate period. but later managed to hold up and run back after the European market opened. By the time the US market opened, ES had already set up its trading range. ES followed pre-market pattern and closed near the high range at the end of day.

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This section contains the specific buy/sell levels for Wednesday. 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 fluctuate inside the 2145 to 2155 range first before it picks a new direction. A move above 2155.50 could push ES up to 2158.75-59.50 or higher up 2165-67.50 if the upside momentum is strong.

A failure to move up or holding under 2155 line could send the ES down near 2145-43 for testing or lower to the area above yesterday’s low.

There are lots of Fed members speaking today, including Mrs. Yellen. Fed is a driver today.

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: 2165.50-67.50, 2175-78.50, 2086-88, 2195-96, 2103-05.50