Wednesday, June 24, 2015

#PreMarket Thoughts and #ES_F Levels for Wednesday, June 24, 2015

#PreMarket Thoughts and #ES_F Levels for Wednesday, June 24, 2015SocialTwist Tell-a-Friend


US stock market still balanced while in wait mode for Greece deal headline.

Due to ESU5 already recovering most of the OVN drop as RTH approaches I will expect two possible scenarios for today; either a straight up move right out of the gate from the cash open to 2117s-2120s zone and then staying balanced between 2020s-2112s or a retest of the overnight (OVN) low at 2108s which will either hold or have a small shake before a slow grind back to balanced and above 2112s just like yesterday followed by several hours of chop & grind while RTH waits on the Greece headline/rumor in order to have the legs to squeeze to new ATHs.


Once/if new ATHs are in the cards or once/if above 2120s the first upside target is at 2025s-2127s zone then 2134s-2136s zone. Only chance for the usual RTH script being negated today is if a move and hold first below 2105; if so 2101s/2100s will be the next lower target followed by a must hold by the bulls at 2097s-2095s. A move/hold/close below 2095/04 is the only hope for the possibility of real change.  

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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