Friday, July 22, 2016 Morning Comments by Michael Blyte

Good morning. More of the same, light calendar & low Globex volume. European markets not holding a strong bid this morning. Yesterday afternoons price action was somewhat interesting but with no real follow through in the last hour or overnight, it seems to be just orderly action at this point, mere noise.

Downside prices: 2157 (**) for initial support this morning, followed by 2153 (*). Bulls cannot afford to lose the 2153 spot or I’d expect to see at least see a move back to last weeks 2146 (**) spot.

Upside, the 2163 (*) is pivotal early for bulls to cross then first target is 2170 (**) then 2175 (**).


All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC