Wednesday, May 6, 2015

May 6th Levels and Trade Plan


Yesterday we saw ES trend down after holding below yesterdays bull bear zone.
Today we will look for ES to provide us with a rotational type day if we can open above 81.

We have todays bull bear zone at 82.5-84.50. If we can hold above here then ES can go on to test 99.75-01.75 where id expect to see some sellers on first test. Above here we have 10.25-12.25 where id also expect to see sellers come in.

However if buyers fail to hold 82.50 then we can see ES continue its downside and test 65.25-67.25 and 61.5-63.5. Both at which id expect to see some buying.

Overall if ES can open above 81 id expect to see a two sided day with buyers at support and sellers at resistance. An open below 81 is a huge bearish sign and longs should be cautious.

Happy Trading.

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