Monday, June 27, 2016

Monday, June, 27, 2016 #PreMarket Comments by Michael Blythe

Monday, June, 27, 2016 #PreMarket Comments by Michael BlytheSocialTwist Tell-a-Friend


Good morning. The inability of the ESU6 to hold above the halfway point (2059.25) of Friday’s Globex range followed by a close Friday below the cash open, places me in the sell rallies camp heading into this week. Bears need a break of the 1999 low from Friday while bulls needs a clear bounce from that area (RTH would be most meaningful).

Volume is about to hit 500K by 7:30 am CST and it looks like today’s action will not be small. Given this, I prefer to focus on some wider price objectives rather than micro intraday. With that said my early risk marker will be the 2005 (*) Globex VPOC. From the intraday prospective, I will lean to an early buy above or early sell below that price.

To the downside, the 1999 (**) price has barely held overnight and has to be seen as the clear defining mark for early price action IMHO. Below that should open the door for a 10 handle move to the 1990 (**) area which was the March low (ESM6), and then the 1971 (***) price which is the March low (ESU6) and roughly marks a 150 handle retracement from last week’s Globex highs.

Upside prices, 2017 (**) high from this mornings Euro session, followed by 2023 (***) globex high, and 2045 (*) and 2060 (***).


Michael Blythe
Futures Strategist
Hamzei Analytics, LLC


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