Trading plan for Sept. 7, 2016

160906-ES-daily

ESU6 Sept. 6, 2016. Daily chart.

ES successfully held up above the 20-day moving average line yesterday. It seems like the buyers are quite convinced the Fed will postpone the September rate hike and start to focus on a higher level target.

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Because of the rollover contract period, the upside target 2200 remains our focus and 2165 downside could be the floor for short-term support.

As long as ES stays above 2173 (yesterday’s low) odds will favor an upside move. Any dip will not last long.

Buy the dip will be seen again today. 2193.50 will be first resistance. A break above it could challenge 2200 major resistance line.

Outlook

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

Support and resistance

Major support levels: 2156-54, 2146.50-43.75, 2135-33, 2120-21, 2112-14.50
Major resistance levels: 2193.50-95.75, 2199.50-98.50, 2207.50-05.50