Friday, July 1, 2016

Friday, July 1, 2016 #PreMarket Comments by Michael Blythe

Friday, July 1, 2016 #PreMarket Comments by Michael BlytheSocialTwist Tell-a-Friend

Good morning. First day of a new month/quarter tends to lean toward buying, but after a 5% S&P 500 rally from the Monday lows, it’s difficult to balance between what *may* amount to profit taking to close the week and the strong trend which shows no weakness at the moment. So at this point the bias is neutral.

My intentions for the day are simple. The 8:30 CST cash open, above that price I intend to be a buyer only, below the open I could do anything, however since Monday the ESU6 has not seen much action below the RTH opening print.

Downside prices are 2088 (**) which I see as a very good early indicator, followed by 2085 (**) and then 2081 (*). Below 2080 the path to 2075 appears to be very clear of technical debris. To the upside, 2092 (*), 2100 (**) and 2120 (***) are all that has my attention.

Worth noting that It is the Friday before a three day holiday, can’t close the door on it being a quiet day, even though it’s first of the month. After all, a considerable amount of buy power has been used this week.

 All the best;

Michael Blythe
Futures Strategist 
Hamzei Analytics, LLC

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