Wednesday, March 18, 2015

Wednesday 18th Levels and Trade Plan

Today we will be using 64.75 - 62.75 as our bull bear zone. If ES can hold below here we should see a test of 54.25-56.25. This area may hold price until after the pending FOMC statement but a long here would require a good intraday setup. If we break lower 48.50 - 46.60 would be our next support area where i would expect buying on first test

Above the bull bear we have the open gap at 77.75 when we would expect selling on first test - again given that today is FOMC we would need to see a good intraday setup to short this zone. Above the 77.75 we have resistance at 81.50 - 83.50 and 93.25 - 95.25 at the extremes which could cap the upside.

Happy Trading

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