ES-Weekly Trading Plan - September 1st-5thE-mini S&P 500 FuturesCME_MINI:ES1!jhill1618Saturday August 30th - 10:41am EST We have a short week with futures open for half day on Monday due to USA Labor Day Holiday. I expect light volume on Monday with price not telling us much until we see institutions at their desks on Tuesday. I said last week the following - (You can also see this on the related publication section) "When you look at the 2hr, 4hr, 8hr chart and zoom out, you can see that the trend is up and that we will probably need to digest Friday's rally and most likely chop around ideally above 6468, 6452 levels with 6429 being the lowest level we would want to test. Then we can retest the 6508 level and continue higher this week with 6522, 6547 my main targets with 6596 if bulls really want it. IF, we lose 6369, my lean is that we will continue lower and a new market trend could be starting to unfold with 6245 the big area for us to hold to stay bullish in the bigger picture." Recap of last week - 6430 was the low for the week (never get close to 6369) that got bought up on Sunday evening and we rallied up to the 6522 targets by Thursday. My daily trade plan kept us moving higher all week. I did not post Thursday night/Friday as I was off my desk. We are still in a bullish uptrend and until 6369 is lost, we must focus on trend. ----------------------------------------------------------------------------------------------------- What is the plan for this week? Since Monday is a short session and will be low volume, I will not be trading and will enjoy time with my family. Ideally, I am looking for a pullback down to the 6431 or tag the white trend line and recover the next level above. Due to low volume on Monday, I do not expect us to get much higher than 6496 in the Monday session, with some headline taking us down Tuesday to 6431 or the white trend line (I will have better idea after the close on Monday) and will have more details in my daily trade plan for Tuesday.) I do believe we can still rally up to 6547, 6563+ this week, but IF, we lose the 6369 level, that would be a big blow to bulls, and it would need to be sharp reclaim back inside the white trendline to keep momentum. Overall, we should continue up the levels and get to new highs by end of the week. IF, we lose 6369, I will wait for failed breakdowns below at the levels in Yellow. Remember that when ES wants to sell off, it's better to get out the way and let it build a new base. We had buyers step in on Friday at 6455, so any flush and reclaim of that level Monday would be a good setup. Tuesday Daily Trade Plan will come out after the close on Monday or before the 6pm EST evening session open.