#PreMarket Thoughts and #ES_F Levels for Tuesday, June 30, 2015
Yesterday
I mentioned ESU5 2086s-2098s as a key
resistance/threshold zone for determining if this week would or would not have
potential to see the usual full recovery after a big overnight (OVN) gap down.
This zone still remains key for this week but after yesterday’s (Monday)
bearish price action the key zone is now at 2084s-2098s.
Today
has chance of digesting yesterday which means the possibility of an inside day
or a dead cat bounce; this means to not expect the same day with such range and
energy as yesterday which also means the potential for runners is low. When the
potential for an inside is high it is important to scale out of trades and lock
in profits earlier than the norm.
If
ESU5 remains above 2053s/52s today there will be good odds
for the inside day or dead cat bounce scenarios and if so the first resistance
to have an eye on is at 2073s-2075s
zone then 2084s-2086s zone.
If
ESU5 pushes below 2052 sometime today followed by a
breach of yesterday’s low/2047s
(which is not a shake) the first lower target for today is at 2038s/37s then the must hold for the
bulls to avoid a deeper pull-back/correction is at 2025s/24s.
Ethan Premock
Hamzei Analytics, LLC
