Friday, July 15, 2016

Friday, July 15, 2016 #PreMarket Comments by Michael Blythe

Friday, July 15, 2016 #PreMarket Comments by Michael BlytheSocialTwist Tell-a-Friend

Good morning. Overnight, Globex failed to make any real noise on volume hitting 200K at 7:00 am CST. This week Globex has seen gains of  +37.5 handles compared to cash hours that has seen a loss of -.75 handles. With the overnight breaking the higher trend and trading flat, I would expect for today to have the best chance of the week to actually close negative by more than a handle or two given some potential end of week profit taking and possible mid month rebalancing. Expiration Friday’s tend to be relatively strong however in July they are basically flat.

Having said this, I am not necessarily anticipating a down day but giving it best odds of the week. It looks like another quiet 10-12 handle cash range unless this mornings economic numbers cause any unforseen noise.

Levels to the downside are 2153 (*) early pivot then 2155 (*) initial support followed by 2151 (*) then 2146 (**) which I would expect to be a good buy opportunity today.

Higher levels are 2160 (*), if that level breaks early the initial target would be the 2168 high followed by 2171 (*) and 2176 (*).

I may give the opening range a look today but overall I am unbiased and want to be on the side of the opening print, long above, short below with the exception of a possible early morning low that I’d be willing to buy.

All the best;

Michael Blythe
Futures Strategist 
Hamzei Analytics, LLC

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