Trading plan SP500 emini futures July 2015

Trading plan SP500 emini futures July 2015

Trading Plan for the S&P500 emini futures, after Greece and China dramas.

This has been a great month of theatre in the markets with S&P500 having the summer pullback, just before earnings.  So leaving the nonsense of “Drama Trading” and coming back to the real world technical trading let’s look at some charts.

Trading plan

Trading Plan – Weekly Chart S&P500 Emini futures.

The weekly chart shows that we had a large volume week, around 3 million higher than previous seeks, with sellers bringing us down to support but buyers moving in to bounce price off of support the 50MA which is the yearly average price.  Support came in at 2032 just a few points away from the 50MA but close enough.  We could see price test this area again.

Price projection for buyers 2080 to 2100, or extreme move to new highs.

Price projection for Sellers 2025 to 1980 based on high volatility.

The range was below average at 41 points, not very volatile but slightly higher than the previous two weeks.

Daily chart summer trading plan 2015Trading plan Daily chart on S&P500 emini futures

With the weekly average trading range we can see support and resistance extremes of 2013 on sell side and buyer side control to 2100.  The 200 Moving average on the daily chart co-incides with the 50 Moving average on the weekly chart.

The market is still held within the “Drama Pattern” of a consolidated range within a short period looking for direction but chopping back in forth in an above average daily range. Joel Wissing

The range from 2036 to 2075 is this “Drama Pattern” where no direction is taken.  In the short term beginning part of the week we could see a gap down from the relief run up we saw on Friday.  The close Friday was 2069.50  Watching for a gap down. If there is selling pressure on no decision with Greece Crisis, I would watch for a close of Thursday’s open gap at 2043.25

If buyers do step in off of this first support, then I would watch for a move higher to 2090.25 where the 50 Moving Average on the continuous 24 hour trading chart. Resistance on the move up at. 2082.25 to 2090.

We might need some type of capitulation price action so there could be a head fake into sellers price failure under the 2032 range.   Next support is 2000 for psychological support, 1980, 1950 from previous swing lows.

 

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