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