Oil futures surged after OPEC agreed on the need for an output cap. It helped to lift US equity market too. The SP500, Dow and ES all closed green.
This section contains the specific buy/sell levels for Thursday. 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 to move up after a minor the early pullback. 2155 will be a key control line. As long as ES stays above it, odds favor upside. But the momentum is important to watch as well.
Without some following-through on strong upside momentum, ES could turn around and move back down above yesterday’s range. 2172.75-75 will be the first resistance zone. A move above it could squeeze up to 2185-80.
The Daily PMO indicator turned up yesterday. It looks like it will cross above its signal line. If it does, the buying signal could encourage buyers. Focus on the buy side today.
Short-term === bullish
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2128.75-29.50, 2123.50-21.50, 2112-10.50
Major resistance levels: 2175-78.50, 2086-88, 2195-96, 2103-05.50