Monday, June 13, 2016 S&P 500 Futures #PreMarket Comments by Michael Blythe @FairValueTrader
Good morning! Worldwide equity markets have continued to show weakness in Monday’s session pushing the ESU16 lower to the 2086 area this morning. The June quadruple witching tends to lead toward bullish stats and today begins the week with a very light calendar and and globex volume back to normal after last week’s roll.
The charts show some price breakdown, however IMO bears have not proven anything at this time, thus, room remains for dip buying. I go into this week with a neutral bias, looking to buy dips, as long as the June 2074 NFP print holds.
Support comes in at 2079 (*) intraday then strong at 2074 (***), below 2074 I don’t have any specific price to lean on today to buy. To the upside, 2082 (*) comes in at initial resistance, followed by the 2085 (*) price and then Friday’s POC at 2088 (**). Above that will be 2097 (**) and 2100 (**).
Without a bias, I don’t have any price targets yet this week but hopefully after today’s trade the picture may be clearer.
