Trading plan for July 11, 2012
ESU2 Daily Chart
ES pulled back into former broken resistance line area for testing. Also there is a short-term buying signal level from the daily chart. The news that brokerage PFGBest had frozen client accounts kept investors parking money on the sidelines.
Today ES could make a continuation low move if there is no good news to replace the bad news from PFG. The FOMC minutes help to hold ES up later in the afternoon.
Short-term indicators are getting oversold. As soon as those indicators move into extremely oversold territory, price may have some oversold bounce. But the bounce may not last very long.
Members, download the file to see the trading strategy for Wednesday.
Date Added: 2012-07-10 21:40:08