Friday, June 26, 2015

#PreMarket Thoughts and #ES_F Levels for Friday, June 26, 2015

#PreMarket Thoughts and #ES_F Levels for Friday, June 26, 2015SocialTwist Tell-a-Friend

Once again zero bearish overnight (OVN) follow through after a RTH session closing at the lows; not only has this happened twice this week but OVN/pre-market is already indicating the potential for a “yesterday never happened” as RTH approaches. If today is going to be the same usual and scripted Friday of a morning move (up or down) followed by several hours of low energy chop & grind before a scripted late day or last hour ramp into the close there is very good chance I may not even look at a ESU5 chart today and just focus on a more realistic CLQ5 chart.

Right now ESU5 is testing value at 2098s; once/if back in value during the RTH session the 80% Rule will apply to the upside with potential to reach the other side of value at 2106s-2108s zone if first breaching above 2101s/02s. Once/if above 2108s will be when I lose full interest in US equities today. 

If today is not the usual full recovery post a previous bearish RTH session the bears will need to defend anywhere below 2102s; if so 2088s/87s will be the first lower target today then 2082s.If below 2082 the bulls will not be in any danger for real change while holding and closing above 2075-2066 zone. 


Ethan Premock

Futures & Options Strategist

Hamzei Analytics, LLC
 

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