Wednesday, June 9, 2016 S&P 500 Futures #PreMarket Comments by @FairValueTrader
Note: I am still trading the Jun mini (ESM6) and my levels will reflect accordingly.
After two days of sub 10 handle RTH ranges today continues the low globex volume, light economic calendar as the index futures roll takes place. I’m not expecting much range today but some price deteriation would not seem out of place as buyers have been unable to extend the range higher.
The floor at this time seems to be in the 2106.50 (**) area with this mornings low at 2108.50. I think this area is worth a look on first touch in today’s regular session but I expect a second touch to lead to a breakdown to 2099.50 (*) and then to 2094.50 (***) where I would expect to see significant support today.
Looking to the upside, there is a great deal of chop from 2114.00 to 2118.00 this week and I would expect early morning gains to be limited to that range. Bears needs to ensure a lower high in that area while bulls need for this mornings globex low to remain a higher low.
For me, I am leaning to looking to sell the 2114.00 – 2118.00 area on first touch and at the moment lean more to selling an opening range below 2110.00 or buying above 2110.00.
