Trading plan for Sept. 30, 2016


ESZ6 Sept. 29. 2016. Daily chart.

The whipsaw attacked the ES again yesterday. The futures failed to breakout 2167 level and turned around to go down sharply. This could result from end of month rebalance from Fund managers, but also could be from option game.

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Today ES could stay under the 2155 level, which is option meanline. As long as ES stays under it, price could go down to around 2135-30 to search for support.

If there is a move above 2155 level, ES could go back to yesterday’s high area 2167. But ES should not close above 2165 level. The end of month closing price is likely to be around 2150-55 zone or lower.

Daily PMO indicator turned back down again yesterday. It follows the daily price to whipsaw. This confirms ES shouldn’t go anywhere until election is done.


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
Major resistance levels: 2175-78.50, 2086-88, 2195-96, 2103-05.50


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