Wednesday, July 1, 2015

#PreMarket Thoughts and #ES_F Levels for Wednesday, July 1, 2015

#PreMarket Thoughts and #ES_F Levels for Wednesday, July 1, 2015SocialTwist Tell-a-Friend

Finally and very happy seeing good ESU5 two way price action with range and energy so far this week during RTH which is all that matters for traders. Not sure if the rest of the week will be the same with NFP approaching and also being a short holiday week but if the 2nd half of the year is the exact opposite of the first half everyday does not need to be as good as the past two days.

For today first support for ESU5 is value at 2060s/59s. If holding above value during the RTH session there will be high odds of reaching the key resistance/threshold I have mentioned all week at 2084s-2098s zone once/if above 2077s/78s.

If back in value during RTH the 80% Rule will apply to the downside with potential to reach 2052s-2050s zone. If below value (-2050) the +30 point rally from yesterday’s RTH low will likely just be a “dead cat bounce” and the selling will resume to the first lower target at 2037s-2035s zone then 2026s/25s, which is a must defend by the bulls otherwise a deeper pull-back/correction is more likely.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

Posted by Hamzei Analytics, LLC at 8:00 AM

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