ESU5 Daily
center Sigma is now at 2091s and
until a daily close above the Daily center Sigma and also a close above the key
resistance zone I mentioned yesterday at 2096s-2098s
the lower high formation remains intact. However yesterday I also mentioned 2074s as a key support and if defended
the bull case from Wednesday’s reversal rally will likely or should be confirmed.
Buyers did protect 2074s
yesterday during RTH but then failed to reach and close above Daily center
Sigma which was at 2093s at
yesterday’s cash open. Today I will be looking for the same but today’s support
I am eyeing is at 2070s/69s unless
the Bulls and/or RTH BTDers succeed in getting ESU5 back in value/+2078s;
if so the zone which must get breached in order to head towards Daily center
Sigma is 2083s-2085s.
If below 2070s/69s
before higher the final or line in sand (LIS) for the bulls to defend is 2061s otherwise Wednesday’s rally will
be negated and the lower high formation will most likely continue with follow
through heading into next week.
Today’s lower high formation threshold for IWM is at 120.75-121.35 zone with a new lower target
at 117.40s now that the previous 118s target was reached this week. For
NQUS the lower high formation threshold
is at 4545s/4546s.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC