Thursday, June 23, 2016

Thursday, June, 23, 2016 #PreMarket Comments by Michael Blythe

Thursday, June, 23, 2016 #PreMarket Comments by Michael BlytheSocialTwist Tell-a-Friend


Good Morning. Further polls have suggesting more breathing room for the Bremain camp and European equities responded with a solid rally. The FTSE now has its best five day return since the February lows and the S&P Sep futures travelled back up to 2100. I learned on September 29, 2008 to never assume an outcome of a political event and with all the risk on flavor, my concern is after the buy the rumor becomes fact, there will be a sell the news response.

I am still trading small this week without much of a market feel, and the next two days are not generous to conviction minded traders. The results of the Brexit vote will not be known until after hours, any info beyond that fact is unknown to me.

Levels I am watching to the downside are the 2093 (**) low from late this morning, below that I believe the door is open to trade back to the 2089 (**) area which offers next support followed by 2085 (**) then 2078 (***). Upside, is 2098 (**) then the 2102 globex high (*) and I don’t have anything of substance until 2120 (**).

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