Trading plan for Oct. 13, 2015

151012-ES-daily

ESZ5 Daily chart

ES had an narrow range day yesterday. US and Canadian banks were closed, the volume was very thin, and not much participation in the markets.

Today the volume will return to normal. We could soon see a thrust move to end the short-term rally by forming the October high.

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A move above 2014.50 could push the price up to 2025-28.50 to test the 200-day moving average line. A move below 1997.50 could push the price down to retest 1992-91, last week’s breakout point. If there is no breakout move today, one more narrow range day move should be expected.

We should sell the 200-day moving average line and buy on the dip.

Outlook

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

Support and resistance

The major support levels: 1928-29.50, 1900-03.75, 1880-75, 1850-45,
the major resistance levels: 2016.50-14.50, 2025-32, 2050-46.50