Thursday 19th Trade Plan and Levels
Today we will be using 92.75 - 94.75 as our bull bear zone. If ES cannot break avove this area we could see a retracement down to our support zone at 80.50 - 82.50 where i would expect buying on first test. Given the extreme movement generated by yesterdays FOMC we would require a good intraday setup to go long of this zone. If ES breaks down lower to make a deeper retracement of yesterdays rally we have 64.75 - 66.75 then 57.75 - 59.75. Again we would require an intraday setup to buy these zones.
On the upside we have 99.50 - 01.50 which capped yesterdays rally. This area could cap the buying again today but given the bullish context we would need an intraday setup to short this zone. If ES can break higher we have 04.25 - 05.75 and 08 -10 at the extremes.