ES Levels And Trading Plan - 07 March, 2018

www.investing.com/analysis/es-levels-and-trading-plan-for-07-march-2018-200296315

By Trevor Attema | Mar 07, 2018 08:18AM ET

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Readers, these support and resistance levels are posted so that you can identify likely areas where the ES will change direction or move ahead of time.

Yesterday's Results
Yesterday I suggested that the ES might test 2017. It did. I also suggested that it might test 2737.75 but it only tested 2734.25 and spent the day mostly range bound between those levels. Perhaps market participants suspected something was going to go down in the white house.

Todays Resistance levels
2704.25, 2710.50, 2717, 2721.50, 2734.25, 2737.75, 2743.50, 2754.75, 2761.75, 2775

Todays Support levels
2696, 2684.75, 2681.25, 2672.75, 2664.25, 2647.75

ES Futures Chart:

ES Futures 60 Minute Chart

Predictive analysis
News that Trump is serious about a trade war tanked markets after-hours last night so the tone for today is negative. Given that the ES gapped down heavily overnight, it’s highly probable that it will attempt to close the gap which means morning session trades have a long bias and late session trades, depending on how the day unfolds, may take on a short bias later in the afternoon.

If the ES breaks above 2710.50 today then it may continue up to resistance 2727.50 to retest yesterdays range-bound conditions.

If the ES breaks below 2681.25 then it may retest 2672.75. If sentiment turns very negative then it’s possible we retest February lows of 2664.25 and then 2647.75.

Trading plan

If the price breaks above 2710.50 then the tone is clearly bullish so long directional trades are recommended
If the price breaks down below 2691.25 then the tone will be bearish so short directional trades are recommended
Enter trades at support and resistance, depending on how price responds to those levels. If prices pull back at a resistance level the watch for a retest and go long but be careful of double tops and double bottoms for reversals.

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Central Banks

Interest Rates

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FED

4.50%

Mar 19, 2025

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2.90%

Mar 06, 2025

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4.50%

Mar 20, 2025

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0.50%

Mar 20, 2025

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4.10%

Apr 01, 2025

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3.00%

Mar 12, 2025

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3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

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ES Levels And Trading Plan - 07 March, 2018

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