#PreMarket Thoughts and #ES_F Levels for Thursday, June 18, 2015
The
key threshold for ESU5 today is 2084s-2080s zone. As long as holding
above 2080 today and also tomorrow
there is no need to waste time and energy mapping out lower levels after Yellen
once again gave the “all clear” for stocks at her press conference yesterday
with “economic data remains too weak to hike rates”; this means logic and
reality trading is out the window along with also being a must to be Long or get Long almost anywhere while ESU5
is trading above the 2080 level.
Not
if but once ESU5 breaks above 2100/01 the current downtrend will be
breached which then puts 2107s/08s
as the first upside target for today, and then once ESU5 closes above 2108s
the countdown to new ATHs will begin
sometime next week.
Not
that I was expecting a rate hike announcement yesterday but my personal
thoughts are the Fed lowered their GDP forecast to negate the rate hike chatter
until Greece is resolved or the Fed already knows what is going to happen with
Greece and they cannot or will not raise rates in hope US stocks will ignore
the Greece outcome.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC
