Tuesday, June 28, 2016 #PreMarket Comments by Michael Blythe

Good morning. Lighter Globex volume on the way back up overnight, 300K at 7:30 am CST as “Turn around Tuesday” features the S&P Case-Shiller and Consumer Confidence later this morning. Yesterday affirmed the sell the rallies prospective and until bulls can push and hold above 2050 I believe this market will find the path of less resistance to the sell side. In this type of environment the Globex trade often become less of conviction and the cash open/close give the most relevant clues, as yesterday both were lower. Having said that, I have to keep an open mind intraday because even if this rally is sold, it may be difficult to find the top to sell.

Levels to the downside are 20003 (*) then 2000 (*) followed by 1994 (**), 1990 (**) and yesterdays 1981 (**) low. Upside prices are 2010 (**) followed by 2020 (**) and then the 2035 (***) area I expect to see as best place for a lower high on a larger time frame.

 All the best;

Michael Blythe
Futures Strategist 
Hamzei Analytics, LLC